A firm's average total cost is $100, its average variable cost is $90, and its total fixed cost is $1,000. Its output is
A) less than 70 units.
B) between 70 and 120 units.
C) between 120 and 170 units.
D) more than 170 units.
B
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Which of the following is likely to cause an increase in both the wage rate and the level of employment in an industry?
A) A left shift in the supply curve for labor, without any change in the demand curve for labor B) A left shift in the demand curve for labor, without any change in the supply curve for labor C) A right shift in the supply curve for labor, without any change in the demand curve for labor D) A right shift in the demand curve for labor, without any change in the supply curve for labor
According to the writer William Gibson, "The future is already here – it's just unevenly distributed." By this he means that:
a. Internet access, for example, is available to some but not to all b. Innovation access is readily available to all c. The low-income countries are catching up to the rich countries d. New technologies spread at an even pace
How does the concept of elasticity allow us to improve upon our understanding of supply and demand?
a. Elasticity allows us to analyze supply and demand with greater precision than would be the case in the absence of the elasticity concept. b. Elasticity provides us with a better rationale for statements such as "an increase in x will lead to a decrease in y" than we would have in the absence of the elasticity concept. c. Without elasticity, we would not be able to address the direction in which price is likely to move in response to a surplus or a shortage. d. Without elasticity, it is very difficult to assess the degree of competition within a market.
Which of the following might be said by a supporter of advertising?
a. “Advertisers assume people make rational choices.” b. “Advertisers focus on what producers need to sell.” c. “Advertisers often provide misleading information about products.” d. “Advertisers camouflage the differences between products.”