The total fixed cost remains constant as which of the following varies?
A. cost of resources
B. time
C. output in a given period of time
D. profit
Answer: C
You might also like to view...
The certainty equivalent is less than the expected value of a gamble when tastes are risk averse.
Answer the following statement true (T) or false (F)
Families receive income from two primary sources:
a. resource earnings and transfers b. transfers and subsidies c. wages and rents d. transfers and gifts e. interest and dividends
The phrase in the text, 'human beings are self-interested, not selfish' means that:
a. people are never selfish. b. people never act in a spiteful or belligerent manner. c. people never act in a fit of rage. d. people contribute to charities and they help others. e. people care only about themselves and their families.
In the work-leisure model, suppose consumption and leisure are both normal goods. The income effect of a wage increase results in the worker choosing to
a. work less than before. b. work more than before. c. possibly work more or less than before. d. work more with a higher level of consumption.