In a long-run equilibrium, a perfectly competitive firm's average total cost is
A) minimized.
B) maximized.
C) zero.
D) equal to average fixed cost.
A
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The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total cost of producing 50 bikes?
A) $100 B) $200 C) $300 D) $400
"Real money balances" refers to
A) the currency part of the total money supply. B) the money supply divided by the price level. C) the money supply times one minus the interest rate. D) the non-interest-earning part of the money supply.
In the two-period model with production, an increase in anticipated future total factor productivity
A) has no effect on domestic output, but reduces the current account surplus. B) increases domestic output and increases the current account surplus. C) reduces domestic output, and increases the current account surplus. D) has no effect on domestic output, but increases the current account surplus.
If a firm has a developed a list of clients who consistently purchase the firm's product, the firm would consider the list of clients to be which of the following?
A) a copyright B) a trade secret C) a trademark D) a patent