Summing all of the costs that do NOT change as output varies yields
A. fixed costs.
B. implicit costs.
C. explicit costs.
D. variable costs.
Answer: A
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. At the equilibrium outcome, the size of the economic pie will be
A) $350. B) $550. C) $650. D) $700.
To say that the demand for labor is a derived demand means that
a. the quantity of labor is derived by the real wage rate b. the demand for labor depends upon the demand for the product produced by labor c. the supply of labor rises when the demand for labor falls d. equilibrium in the resource market ensures there is equilibrium in the product market e. changes in the demand for labor lead to changes in the demand for the product produced by labor
An industry supply curve is the horizontal summation of the supply curves of all of the individual firms
a. True b. False Indicate whether the statement is true or false
If for a given year gross investment is $300 billion and depreciation is $75 billion, then, for that year, the capital stock ________ and net investment was ________.
A. Decreased by $225 billion; $300 billion B. Increased by $250 billion; $225 billion C. Increased by $225 billion; $225 billion D. Decreased by $300 billion; $300 billion