If fixed costs are $960, variable costs are $1,440, and output is 12, then average total cost equals:
A. $ 80.
B. $120.
C. $200.
D. $100.
Answer: C
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According to Okun's Law, when the natural employment rate is 6 percent and potential GDP is $10 trillion, then when actual employment is 5 percent, real GDP is
A) $10.1 trillion. B) $9.9 trillion. C) $9.8 trillion. D) $10.2 trillion. E) $8 trillion.
You are an analyst with a perfectly competitive firm that makes DRAM memory chips. You must manufacture the chips before you know what the demand will be. Based on the below figure, if the demand is high with an 80% probability and low with a 20% probability, the expected marginal revenue for a chip is ________.
A) $2.00
B) $2.60
C) $2.40
D) $1.40
Business firms are prohibited by law from borrowing money from banks
a. True b. False Indicate whether the statement is true or false
Sticky wages cause the:
A. short-run aggregate supply curve to slope upward. B. long-run aggregate supply curve to slope upward. C. short-run aggregate supply curve to slope downward. D. long-run aggregate supply curve to slope downward.