Which of the following is a fixed cost for a store?
a) short-term workers
b) rent
c) advertising
d) inventory
Answer: b) rent
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Which of the following is true about monopolistic competition but false about perfect competition?
A) There is a large number of independently acting sellers. B) There are no barriers to entry. C) Firms can earn an economic profit in the short run. D) Firms compete on their product's price as well as its quality and marketing. E) Firms cannot earn an economic profit in the long run.
Suppose a competitive market with adverse selection has settled into a pooling equilibrium where everyone is offered the same price. If firms then screen consumers, the outcome may and may not be more efficient.
Answer the following statement true (T) or false (F)
From the 1960s to the early 1990s, marginal tax rates _____
a. varied, but not in a consistent direction b. steadily declined c. steadily increased d. remained relatively constant
The productivity speed-up of the 1950s and the 1960s could have been caused by
a. wartime innovations. b. civilian innovations after World War II. c. industrial innovations spurred by the Korean and Vietnam conflicts. d. decreases in the rate of population growth.