Which set of points would show a movement from depression to full employment?
A. a movement from Point C to B
B. a movement from Point B to A
C. a movement from Point C to E
D. a movement from Point D to C
D. a movement from Point D to C
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The law of diminishing returns states that as
A) the size of a plant increases, the firm's fixed cost decreases. B) the size of a plant increases, the firm's fixed cost increases. C) a firm uses more of a variable input, given the quantity of fixed inputs, the marginal product of the variable input eventually diminishes. D) a firm uses more of a variable input, given the quantity of fixed inputs, the firm's average total cost will decrease eventually.
Alex is hired as a sales agent and receives 10% commission on the sales price. The contract he signed is a
A) fixed-fee contract. B) hire contract. C) contingent contract. D) sharing contract.
For a monopsonist, marginal factor cost exceeds the wage rate since
A) more workers have to be paid the prevailing wage rate. B) the supply of labor is perfectly elastic. C) when new workers are hired the wage rate must be increased for all workers and not just for the additional workers. D) the labor demand is downward sloping.
What is the difference between accounting profit and economic profit?
a. They are the same thing. b. They are only different if the accountant makes a mistake. c. Accounting profit is usually smaller than economic profits. d. Accounting profit makes no allowance for several implicit costs, including equity capital, while economic profit takes these costs into account.