Refer to the data. We can infer that, at zero output, this firm's total fixed, total variable, and total costs are:
A. zero, zero, and zero, respectively.
B. zero, $25, and $175, respectively.
C. $150, $25, and $175, respectively.
D. $150, zero, and $150, respectively.
D. $150, zero, and $150, respectively.
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The question "Will doctors or lawyers have higher annual incomes?" represents which of the three basic economic questions?
What will be an ideal response?
A manufacturer will sell its product only to retailers who agree to buy its brand. This is an example of:
a. price discrimination. b. exclusive dealing. c. a tying contract. d. interlocking directorates.
The profit-maximizing level of output for any firm in a perfectly competitive market is to produce where:
A. MC > MR. B. MC < MR. C. MC = MR. D. MR = P*.
The fact that landlords are able to pass the majority, but not all, of the burden of property taxes on to renters suggests that the price elasticity of demand for apartments is
A. Perfectly inelastic. B. Elastic. C. Inelastic. D. Perfectly elastic.