The figure above shows that the value of the resources used in job-search activity can be as large as ________ per hour
A) $12,000
B) $8,000
C) $6,000
D) $4,000
E) $2,000
A
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Suppose the market demand for milk is Qd = 150 - 5P. Additionally, suppose that a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run there is free entry into the market. What is the market equilibrium quantity?
A. 5 gallons per day B. 35 gallons per day C. 50 gallons per day D. 100 gallons per day
The Southern economy ________________ from the damages of the Civil War.
A. quickly recovered B. experienced no lingering effects C. suffered decades of economic transition
Economic principles are generalizations relating to ___________ in economic behavior or to the economy itself.
a. positive tendencies b. extreme tendencies c. inverse tendencies d. average tendencies
A firm should always shut down if its revenue is
A) declining. B) less than its average fixed costs. C) less than its total costs. D) less than its avoidable costs.