Use the following figure to answer the next question.
If the firm is producing at Q1, the area BADE represents the
A. average variable cost.
B. total variable cost.
C. total fixed cost.
D. total cost.
Answer: C
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Ebay's use of "bidding agents" will
a. effectively turn an English auction into a Vickery auction b. effectively turn a Vickery auction into an English auction c. decide how much to shade your bid for you d. make you a more aggressive bidder
Which of the following correctly describes an aspect (or aspects) of the U.S. experience with affirmative action?
a. The Civil Rights Act of 1964 made it a felony for any private firm to employ a smaller percentage of minority workers than their overall percentage of the general population. b. All companies doing business with the federal government are required to set numerical hiring, promotion, and training goals to ensure that these firms did not discriminate in hiring based on race, sex, religion, or national origin. c. In 1989 the U.S. Supreme Court ordered Richmond, Virginia, to enact set-aside programs to reserve 30 percent of all construction work for minorities. d. The firms doing business with the federal government are allowed to discriminate in hiring based on race, sex, religion, or national origin.
Calculate the relative price of a basket of goods sold in the United States and Japan in terms of dollars if the yen/$ exchange rate = 90. The basket costs $100 in the United States and ¥9,000 in Japan. The relative price is:
a. 0.9, which means the U.S. basket costs more. b. 1.1010, which means the Japanese basket costs more. c. 0.9, which means the Japanese basket costs more. d. 1.0, which means they both cost the same.
Over time, housing shortages caused by rent control
a. increase, because the demand for and supply of housing are less elastic in the long run.
b. increase, because the demand for and supply of housing are more elastic in the long run.
c. decrease, because the demand for and supply of housing are less elastic in the long run.
d. decrease, because the demand for and supply of housing are more elastic in the long run.