If a firm produces 10 units, TC=$100 . When the firm increase its output to 15 units, TC= $150 . The firm's variable costs equal to
a. $50
b. $150
c. $25
d. $100
b
You might also like to view...
The implicit rental rate for capital is
A) an accounting cost. B) part of the firm's normal profit. C) an opportunity cost. D) a cost that is irrelevant to the business.
The Jones family is going to Disney World and has set a budget of $2000 for visiting the theme park and hotel accommodations. Their original plan was to spend three days at the park and two nights in the hotel. Mrs. Jones unexpectedly listens to a timeshare sales pitch and she is paid $400 for enduring the ordeal. The family decides to spend an extra day at the park and two extra nights in the
hotel. For the Jones family, we can be certain that a. hotels nights are an inferior good b. their budget line has shifted to the left c. theme parks days are an inferior good d. hotel nights are a normal good e. their budget line has changed its slope
The theory of an OCA sets out benefits to be derived from increased trade. A comparison of the U.S. currency area with that of the Eurozone reveals that:
A) interstate and inter-region trade is roughly equal in both areas. B) interstate and inter-region trade in the United States is smaller as a percent of gross state product than the same figure for Europe. C) interstate and inter-region trade in the United States is much larger as a percent of gross state product than the same figure for Europe. D) trade comparisons are largely irrelevant to the success of a currency union.
A person who seeks to earn profits by finding ways to organize factors of production is called a(n):
A) foreman B) finance capitalist. C) entrepreneur. D) manager.