Degree of rivalry is
A. low when fixed costs of existing firms are high.
B. high when excess capacity of existing firms is low.
C. high when fixed costs of existing firms are low.
D. high when fixed costs of existing firms are high.
Answer: D
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The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the marginal cost of producing the 90th unit?
A) $10.00 B) $24.92 C) $31.61 D) $50.00
The full employment level of real GDP can be represented on an aggregate supply and demand diagram as a(n):
a. vertical line. b. upward-sloping line. c. horizontal line. d. downward-sloping line.
Walter is just learning how to ski. He states that every time he goes skiing, he has more fun than the last time. This means his marginal utility of skiing is
a. increasing b. constant c. decreasing d. zero e. negative
A perfectly competitive market:
A. is dominated by one firm. B. consists of at most five firms. C. is made up of a large number of firms. D. consists of only one firm.