Which of the following would be an example of a fixed cost to a firm?
A) rent for the building it occupies
B) wages for the laborers
C) the cost of raw materials
D) electricity and other fuel costs
Answer: A
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The total market value of capital assets in the United States is about $30 trillion dollars.
Answer the following statement true (T) or false (F)
What is the social cost of a monopoly? Explain
What will be an ideal response?
Because a monopolist must lower its price in order to sell another unit of output,
a. marginal revenue is less than price. b. long-term economic profits will be zero. c. total revenue increases as price increases. d. average revenue is less than price.
A perfectly inelastic demand schedule:
A. rises upward and to the right but has a constant slope. B. can be represented by a line parallel to the vertical axis. C. cannot be shown on a two-dimensional graph. D. can be represented by a line parallel to the horizontal axis.