In a long-run equilibrium in a monopolistically competitive industry that produces information products, revenues are equal to the ________ costs of developing, producing, and selling the product
A) total
B) fixed
C) variable
D) marginal
A
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Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$.50Friendly Groceries$4.00$2.50If the corn was grown and the jar of popcorn produced in the year 2015, but the jar was sold at Friendly Groceries in the year 2016, what is the contribution of these transactions to GDP in the year 2015?
A. $3.00 B. $0.50 C. $2.50 D. $2.00
A minimum wage
A) increases all workers' surplus because the wage rate increases. B) increases consumer surplus because the price of the good decreases. C) decreases the firms' surplus because fewer workers are hired at the higher wage. D) increases the firms' surplus and the workers' surplus because it increases the efficiency of the labor market. E) None of the above answers is correct.
Using the information in the table above, calculate the unemployment rate
A) 53.3 percent B) 30.8 percent C) 13.3 percent D) 7.7 percent
Using the data in the table above, with y measured on the vertical axis, the slope of the line relating y to X is: Select one
A) 1/3.
B) 1.
C) 3.
D) 6.