Refer to the information provided in Figure 23.12 below to answer the question(s) that follow.
Figure 23.12Refer to Figure 23.12. Suppose AE1, AE2 and AE3 are not parallel. What is the value of Point B?
A. $900 million
B. $800 million
C. $700 million
D. cannot be determined from the given information
Answer: D
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Which of the following is an example of a fixed cost for a fishing company?
a. The cost of hiring a fishing crew. b. The fuel costs of running the boat. c. The monthly loan payment on the boat. d. The supply of nets, hooks, and fishing lines. e. Bait.
What is normal profit? How is it different from accounting profit?
Which of the following statements about unionization is true?
A. The public sector is not heavily unionized compared to the private sector. B. Union membership has risen in the last 50 years as a result of globalization. C. Work stoppages due to strikes have become less common, and shorter, in the last 50 years. D. Labor unions can increase wages but have virtually no impact on benefits.
If the firm shown in the table changes the quantity it produces to 7, what would be the result?
a. The company would take a loss.
b. The company would make a slight profit.
c. The company would break even.
d. The company would make a large profit.