If a firm does not produce any output, its
A) total fixed cost must be zero.
B) economic profit must be positive.
C) total variable cost must be zero.
D) total costs must be zero.
E) marginal cost must be zero.
C
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An initial allocation of goods is called a(n)
A) endowment. B) inheritance. C) pareto set. D) general-equilibrium goods set.
According to William Niskanen's model of bureaucracy, Congress tends to approve a bureau's budget at a level where
a. the marginal value of the last unit of the bureau's output is greater than the marginal cost. b. the marginal cost of the last unit of the bureau's output is greater than the marginal value. c. the marginal value of the last unit of the bureau's output equals the marginal cost. d. the marginal cost of the last unit of the bureau's output is zero.
Productivity is measured as output per unit of productive input
a. True b. False Indicate whether the statement is true or false
The real wage will rise if the nominal wage:
A. falls more rapidly than the general price level. B. increases at the same rate as labor productivity. C. increases more rapidly than the general price level. D. falls at the same rate as the general price level.