When quantity supplied is not very responsive to a change in price, supply is
A) elastic.
B) unit-elastic.
C) inelastic.
D) income sensitive.
C
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Labor productivity and the price of the good being produced are two variables that contribute to
A. the marginal product. B. the demand for the product. C. whether or not a union forms. D. the wage rate.
In a __________ plan, employees may choose __________
A) defined benefit; the assets they invest in B) defined benefit; the benefits received during retirement C) defined contribution; the assets they invest in D) defined contribution; the benefits received during retirement
With fixed costs of $200 . a firm has average total costs of $5 and average variable costs of $3 . Its output is:
a. 100 units. b. 40 units. c. 66.67 units. d. Need more information
If James earns $80,000 in taxable income and pays $20,000 in taxes, his average tax rate is 25 percent
a. True b. False Indicate whether the statement is true or false