Which of the following costs is independent of output?
A. Variable costs
B. Fixed costs
C. Marginal costs
D. Total costs
Answer: B
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What happens if there is a shortage or a surplus of U.S. dollars in the foreign exchange market?
What will be an ideal response?
The price index for the current year is 180 . This means that, on average, prices in the current year are:
a. 80 percent of prices in the base year. b. $1.80 higher than prices in the base year. c. 180 percent higher than prices in the base year. d. $0.80 higher than prices in the base year. e. 80 percent higher than prices in the base year.
Asymmetric information exists in the market for used cars because:
A. sellers have better information concerning the quality of used cars than buyers. B. buyers have better information concerning the quality of used cars than sellers. C. buyers and sellers have equal information concerning the quality of used cars. D. it is impossible for buyers or sellers to determine the quality of used cars.
Under which of the following conditions would a profit-maximizing monopolist necessarily raise price?
A. If product demand was price-elastic B. If marginal revenue is positive C. If marginal revenue was greater than marginal cost D. If marginal cost was greater than marginal revenue