The firm's short-run costs contain
A) only variable costs.
B) only fixed costs.
C) both variable and fixed costs.
D) only opportunity costs.
Answer: C
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In 2008 ___________ had the highest annual expenditures on public and private schools per student.
A. Spain B. France C. United States D. Japan
In a perfectly competitive market buyers want to buy 20,000 units and sellers want to sell 20,000 units of a product when the price is $50 per unit. ABC Corporation, one seller in this market,
A. will sell a fixed number of units regardless of how the price changes. B. faces a downward-sloping demand curve for its product. C. will maximize profit by selling at a price less than $50. D. faces a perfectly elastic demand curve at a price of $50.
A good's real price is the:
A. dollar price of the good relative to the average dollar price of all other goods and services. B. average dollar price of the good. C. dollar price of the good relative to the real price of all other goods and services. D. absolute price of the good in dollar terms.
The real wage rate is $35 an hour. At this wage rate there are 100 billion labor hours supplied and 200 billion labor hours demanded. There is a
A) shortage of 300 billion hours of labor. B) shortage of 100 billion hours of labor. C) surplus of 100 billion hours of labor. D) surplus of 300 billion hours of labor. E) shortage of 200 billion hours of labor.