Traditionally blacks have earned about _____% of what whites have earned.
A. 20
B. 40
C. 60
D. 80
C. 60
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For Outback Steakhouse, seating capacity is limited in the short run. In the long run, they can add as many seats as they want. Therefore, the price elasticity of supply for meals at Outback would be ________ in the short run than in the long run.
A. more variable B. the same C. higher D. lower
__________is business conducted over the internet.
Fill in the blank(s) with the appropriate word(s).
The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,800. Fixed cost is $160,000.
When the firm uses 40 units of labor, what is marginal cost at this level of output?
A. $55 B. $70 C. $60 D. $35 E. $280
When spending is greater than output, firms will experience falling inventories, and prices of goods and services will rise.
Answer the following statement true (T) or false (F)