A business incurs the following costs per unit: Labor - $5/unit; Materials $3/unit and rent - $5000/month. If the firm produces 100 . units a month, the total fixed costs equals
a. $5,000
b. $8,000
c. $13,000
d. $3,000
a
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If an external benefit is present, then the
A) marginal private benefit curve lies above the marginal private cost curve. B) marginal social benefit curve lies above the marginal private benefit curve. C) marginal social cost curve lies above the marginal private benefit curve. D) marginal social benefit is equal to the marginal social cost. E) marginal social benefit curve is the same as the marginal private benefit curve.
The two largest economies in the world in 2012 were:
A. China and the U.S. B. Japan and the U.S. C. England and the U.S. D. China and Germany.
What type of market has few sellers?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
People are likely to respond to a policy change
a. only if they think the policy is a good one. b. only if the policy change changes the costs of their behavior. c. only if the policy change changes the benefits of their behavior. d. if the policy changes either the costs or benefits of their behavior.