Refer to the information provided in Figure 8.3 below to answer the question(s) that follow. 
Figure 8.3
Refer to Figure 8.3. If the total fixed cost is $50, then average total cost of producing 10 basketballs is
A. $3.
B. $5.
C. $8.
D. $80.
Answer: C
You might also like to view...
In the collective bargaining process
a. supply and demand analysis is used to determine the wage. b. the contract can legally cover only the wage or salary determined. c. there is often heated discussion with threats of strikes and counterthreats of lockout. d. the negotiation period is limited to thirty days.
According to the theory of efficiency wages, firms operate more efficiently if wages are above the equilibrium level
a. True b. False Indicate whether the statement is true or false
Suppose Christina just saw an advertisement on television for an antidepressant, but it has been a long time since James saw one. According to the availability heuristic:
A. Christina and James are likely to think that depression is equally common. B. Christina is likely to think that depression is more common than James. C. James is likely to think that depression is more common than Christina. D. Christina and James are equally likely to think that people recover from depression.
An explanation for the low saving rate in the United States consistent with the life-cycle reason for saving includes:
A. large and persistent capital gains. B. households spending beyond their means to keep up with community standards. C. relatively generous government assistance for the elderly and large down payments required for home purchases. D. highly-developed financial systems making it easy to buy homes with down payments under 15 percent.