Fixed costs are those costs that remain fixed no matter how long the time horizon is
a. True
b. False
Indicate whether the statement is true or false
False
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Ramen noodles are likely considered
A) a normal good. B) an inferior good. C) to have inelastic demand. D) to have perfectly elastic demand.
Peg's Kegs sells kegs in a perfectly competitive market. Because low demand forced price below average variable cost, Peg has made the short-run decision to shut down. Her current loss is
a. zero b. greater than if she had kept operating c. the same as the losses she was incurring while operating d. equal to fixed cost e. less than her total revenue
A flat tax: a. is designed so that everybody would pay the same number of dollars in taxes
b. is designed in such a way that as a person's income rises, the tax rate falls. c. is designed so that everybody would be charged the same percentage of their income. d. is designed to take a smaller percentage of higher incomes as compared to lower incomes.
Refer to the graph below. At which point is marginal product (MP) at its maximum?
A. Point A
B. Point B
C. Point C
D. Point D