In a product market, which of the following might be purchased?
a. land for a housing development
b. the labor of households
c. umbrellas and raincoats
d. manufacturing equipment
c. umbrellas and raincoats
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Average total cost is equal to
A) average fixed cost + average variable cost. B) total cost รท quantity. C) the change in total cost when output changes by one unit. D) Answers A and B are correct. E) Answers A and C are correct.
A business incurs the following costs per unit: Labor $125/unit; Materials $45/unit and rent $250,000/month. If the firm produces 1,000,000 units a month, the total variable costs equal
a. $125Million b. $45Million c. $1Million d. $170Million
A sudden and pronounced loss of value of one nation's currency against others is known as a:
a. currency crisis. b. forced devaluation. c. thinning of value. d. default.
If the demand for one good decreases when the price of another good decreases, the two goods are ________ goods.
A. normal B. inferior C. complementary D. substitute