Refer to Cost of Production. The short-run average cost of producing 60 units of output per week is
The following questions refer to the diagram below. The wage rate is assumed to be $12 per hour, the rental rate is assumed to be $6 per hour, and capital is assumed to be fixed in the short run at 10 hours.
a. $3 per unit.
b. $4.50 per unit.
c. $5 per unit.
d. $9 per unit.
c. $5 per unit.
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The marginal-cost curve intersects the average-total-cost curve at the minimum point of the average-total-cost curve
a. True b. False Indicate whether the statement is true or false
The employment rate is measured as the percentage of the
A. Total population that is employed. B. Workforce that is employed. C. Nonmilitary population that is employed. D. Adult population that is employed.
Based on the diagram, if potential output equals 8,000 and the real interest rate is 2 percent, then there is ________ gap and the Fed must ________ the real interest rate so that output will equal potential output. 
A. a recessionary; raise B. no output; not change C. an expansionary; reduce D. an expansionary; raise
How much is the firm's ATC?
