The above table shows the total product schedule for the campus book store. When the book store is selling 60 books per hour it is certain that
A) marginal costs are increasing, but average variable costs are still decreasing.
B) both marginal and average costs are decreasing.
C) both marginal and average costs are increasing.
D) hiring one more employee per hour will lead to fewer books being sold.
A
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In the economic way of thinking, a wetland is a scarce good. Thus,
A) there is a substitute for a wetland. B) there is no substitute for a wetland. C) wetlands should be preserved at any cost. D) wetlands can be preserved at no cost. E) economists don't like wetlands.
Refer to Figure 12-5. The firm's manager suggests that the firm's goal should be to maximize average profit. If the firm does this, what is the amount of profit that it will earn?
A) $6,600 B) $6,750 C) $12,150 D) $36,000
A reduction in the rate of population growth
A) always causes an increase in economic growth. B) never causes an increase in economic growth. C) may or may not cause an increase in economic growth. D) will cause a reduction in economic growth if accompanied by an increase in the rate of growth of real GDP.
Howie just bought a new digital camera to replace his old one. His old one works perfectly fine and would sell on Craigslist for $100. The fact that Howie would not pay $100 for it, yet continues to let it sit in his closet unused is explained by:
A. the implicit cost of ownership. B. the explicit cost of ownership. C. the explicit cost of sales. D. ignoring sunk costs.