Refer to Figure 11-13. The lines shown in the diagram are isocost lines. If the price of labor is $50 per unit, then along the isocost AF, the total cost
A) is $500.
B) is $750.
C) is $1,250.
D) cannot be determined without the price of capital.
A
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Which statement is true?
A. There was brief depression in the early 1920s. B. Between 1921 and 1929 national output tripled. C. The automobile market was completely saturated by 1921 and sales remained low for the rest of the decade. D. None of these statements are true.
Which of the following goods is least likely to be rivalrous in consumption?
A. a car B. a pair of shoes C. a book D. a computer E. a sunset
If the consumption of a good by one person reduces its consumption by others, then the good is
A. nonrivalrous in consumption. B. rivalrous in consumption. C. nonexcludable. D. excludable. E. b and d
The text shows that income elasticity for books is 1.44 . This means that
a. books are income inelastic b. books are price inelastic c. there's a 144 percent increase in book sales when income rises 10 percent d. there's a 44 percent increase in book sales when income rises 10 percent e. there's a 1.44 percent increase in book sales when income rises 1 percent