Profit-maximizing industrialists are concerned with both revenues and costs. Transportation and production costs are an important part of total costs. Both are impacted by
(a) location and power sources.
(b) the cost of managing large quantities of productive resources found anywhere along the production chain.
(c) the ability to concentrate or group resources in the same place.
(d) all of the above.
(d)
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Average total cost is $100 for a given output, total fixed cost is 120 and average variable cost is 70. What is the quantity being produced?
What will be an ideal response?
To close a recessionary gap, the Federal Reserve must ________ real interest rates by ________ the money supply.
A. decrease; increasing B. decrease; decreasing C. increase; decreasing D. increase; increasing
Suppose that real domestic output in an economy is 20 units, the quantity of inputs is 10, and the price of each input is $4. Answer the following question on the basis of this information. Refer to the information. The level of productivity is:
A. 20. B. 10. C. 5. D. 2.
Suppose a scientific report states that fish contain dangerously high levels of mercury (toxic to humans). At the same time, the price of diesel fuel, used by fishermen to fuel their boats, falls. What is the effect on the market for fish?
A. A decrease in demand and supply; price and quantity sold falls B. A decrease in demand and an increase in supply; price falls but the change in quantity is ambiguous C. A decrease in demand and supply; price and quantity sold rises D. A decrease in demand and a fall in price and quantity sold