Figure 5.4 shows a firm's marginal cost, average total cost, and average variable cost curves. The firm's total fixed cost is:
A. $2,800.
B. $3,000.
C. $4,500.
D. $7,000.
Answer: B
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If an individual has a 0.3 probability of receiving $10 and a 0.7 probability of receiving $20, the expected income is
A) $20. B) $7. C) $14. D) $17.
Refer to Table 5.1. A risk-neutral individual making a decision solely on the basis of the above information would choose to major in
A) accounting. B) economics. C) English. D) political science. E) mathematics.
Holding other things constant, if the US dollar appreciates, it makes the US exports
a. Less attractive to foreigners b. More attractive to foreigners c. Neither more nor less attractive to foreigners d. None of the above
A price ceiling is only effective if it is above the market equilibrium
a. True b. False Indicate whether the statement is true or false