Fixed inputs are those whose
a. quantity changes as the level of output changes
b. costs are irreversible
c. quantity remains constant regardless of the level of output
d. quantity determines the level of profit
e. appearance was damaged while being transported, but has been fixed
C
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One generally recognized positive effect of illegal immigrants is:
A. Lower costs of products and thus lower prices for consumers B. Higher demand for social services C. Reduced average wage rates for workers in some sectors D. Positive effects on national defense
Average cost equals
A. change in total cost/change in quantity. B. total cost/quantity. C. total cost ? total variable cost. D. total cost ? total fixed cost.
A positive cross elasticity of demand means two goods
a. have downward-sloping demand curves b. are substitutes and may belong to the same market c. are complements and may belong to the same market d. are normal goods e. have upward-sloping demand curves
Because it is a market economy, in the United States all research and development is done by private business firms
a. True b. False Indicate whether the statement is true or false