Mark's Baseballs produces baseballs. Mark's Baseballs has total fixed costs of $500. Mark's average variable cost is $20, and his average total cost is $25. Mark is currently producing:
A. 5 baseballs.
B. 25 baseballs.
C. 100 baseballs.
D. a number of baseballs that cannot be determined from the information provided.
Answer: C
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Refer to Figure 24-4. Given the economy is at point A in year 1, what is the inflation rate between year 1 and year 2?
A) 0.9% B) 1.8% C) 2.7% D) 3.0%
Suppose that indifference curve I1 lies to the left of indifference curve I2. We can conclude that
A) some, but not all, points on indifference curve I1 will correspond to higher utility than points along indifference curve I2. B) some, but not all, points on indifference curve I1 will correspond to lower utility than points along indifference curve I2. C) all points along indifference curve I1 will correspond to higher utility than points along indifference curve I2. D) all points along indifference curve I1 will correspond to lower utility than points along indifference curve I2.
A policy which gains the winners more than the losers lose, in principle, could never result in unanimous approval of the policy.
Answer the following statement true (T) or false (F)
The marginal product of any input into the production process:
A. is the increase in output that is generated by an additional unit of input. B. is the decrease in input that is generated by an additional unit of output. C. is the constant ratio of inputs to outputs. D. None of these is true.