What is the average total cost of hiring the 7th worker?
a. $400
b. $800
c. $1200
d. $1600
b
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In deciding whether to operate in the short run, the firm must be concerned with the relationship between price of the output and
A) total cost. B) average variable cost. C) total fixed cost. D) the number of buyers.
Suppose lower expectations lead to a decrease of $240 in desired investment in the economy and the marginal propensity to consume is 0.75.Table 10.2Spending CyclesChange in this Cycle's Spending and IncomeCumulative Decrease in Spending and IncomeFirst-cycle spending-$240-$240Second-cycle spending________________Third-cycle spending________________In Table 10.2, what is the cumulative decrease in expenditure by the end of the second cycle?
A. -$420.00. B. -$960.00. C. -$180.00. D. -$480.00.
Markets tend to underallocate resources to the production of a good when
A. there are positive externalities. B. equilibrium occurs. C. there are negative externalities. D. there are public goods produced.
Refer to the graph. Growth of production capacity is shown by the:
A. shift from AB to CD.
B. shift from CD to AB.
C. movement away from point A and toward point B.
D. movement away from point B and toward point A.