The table above gives production information for Bob's Baseball Cap Company. Bob's total cost when zero caps are produced is $200 and workers cost $10 per hour. The average variable cost of producing 10 baseball hats per hour is
A) $1.
B) $2.
C) $20.
D) More information is needed to answer the question.
B
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When a firm is experiencing economies of scale
A. long-run average total cost is decreasing. B. minimum efficient scale has been achieved. C. a given percentage increase in output requires a more-than-proportionate increase in resources. D. an increase in output is accompanied by a more-than-proportionate increase in long-run average total cost.
A product's price elasticity of demand depends critically on the availability of substitutes
Indicate whether the statement is true or false
Since property seized through eminent domain must be taken for public use, the government cannot legally sell this seized property to private investors
Indicate whether the statement is true or false
That which we forgo, or give up, when we make a choice or a decision is known as
A. correlation. B. equity. C. opportunity cost. D. causation.