Which of the following "costs" could a firm that wants to remain in business avoid if it halted current production?
A. Opportunity costs
B. Variable costs
C. Fixed costs
D. Sunk costs
Answer: B
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When people are educated, they become:
A. more productive to society, because they have more skills to apply to a job. B. less productive to society, because they stop working while in school. C. less productive to society, because they require higher pay per hour. D. more productive to society, because they are paid more.
A family on a trip budgets $1,000 for meals and gasoline. If the price of a meal for the family is $50 and if gasoline costs $3.50 per gallon, then how many meals can the family buy if they buy 100 gallons of gasoline?
a. 13 b. 16 c. 19 d. 21
An efficient tax for a product with detrimental externalities would equal
A. marginal social cost minus marginal external cost. B. marginal private cost plus marginal external cost. C. marginal external cost minus marginal private cost. D. marginal social cost minus marginal private cost.
All of the following apply to the description of a market in equilibrium except:
A. quantity supplied equals quantity demanded. B. the intersection of the supply and demand curves. C. no excess supply exists. D. the price of the good is falling.