Refer to Table 8.1. Assume the wage rate is $10 and the firm has $1,000 in unavoidable fixed cost. What is the marginal cost of the 83rd unit of output?
A. $0.50
B. $0.56
C. $1.00
D. $1.43
B. $0.56
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Governments choose to mandate participation in a program, like auto insurance, when:
A. the functioning of those markets is thought to be in the public interest. B. the market would not otherwise exist. C. the market would exist illegally. D. None of these statements is true.
If expectations are formed rationally, wages and prices are not completely flexible in the short run, and policy is correctly anticipated, increases in aggregate demand will stimulate the economy to higher levels of Real GDP and lower levels of unemployment in
A) the short run or the long run. B) neither the short run nor the long run. C) the short run, but not in the long run. D) the long run, but in not the short run.
Public goods
A) are overproduced by unrestrained markets. B) are simply private goods that the government provides. C) cannot be consumed by more than one person without the degradation of the value of the good. D) can be consumed by more than one person without degradation of the value of the good.
Collusion is more successful in a game that will continue forever or in a game with an uncertain ending time than in a game with a known ending time
What will be an ideal response?