Summarize the production costs of a business
What will be an ideal response?
A fixed cost is a cost that does not change, no matter how much of a good is produced. Most fixed costs involve the property or production facility. Variable costs are costs that rise or fall depending on the quantity produced. They include the costs of raw materials and some labor.
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Bundling:
A. is the practice of selling a single product in bulk at a reduced per unit price. B. is the practice of selling several products together as a package. C. is the practice of selling the same good to different types of consumers at different prices. D. is the practice of selling different goods to different types of consumers at different prices.
When oligopolists join together in a cartel, they: a. choose to ignore their mutual interdependence
b. indicate awareness that their behavior is interdependent. c. violate the law of supply and demand. d. attempt to behave like perfect competitors.
The higher wage rate received by garbage collectors to compensate for the lower desirability of their job
a. would not exist in a competitive labor market b. is a compensating wage differential c. is caused by union negotiators d. disappears in the long run e. only applies when the garbage collecting market is an oligopoly
If Japanese cars surge in popularity in the United States, this event most likely will cause the Japanese yen to ________ and the U.S. dollar to ________.
A. depreciate; depreciate B. appreciate; depreciate C. depreciate; appreciate D. appreciate; appreciate