A graph of total fixed cost
a. is a downward sloping line.
b. is a straight horizontal line.
c. is an upward sloping line.
d. has a U-shape.
b. is a straight horizontal line.
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The demand curve facing a firm is also the firm’s
A. total utility curve. B. average revenue curve. C. average utility curve. D. total revenue curve.
________________________: price concessions from the seller, the expected cost of expenditures must be added to the observed transaction price, if, in fact, the expenditures were made after the acquisition.
Fill in the blank(s) with the appropriate word(s).
Double-entry bookkeeping implies that:
A. aggregate income net of profits is less than the value of final output because profit can add or take away from final output. B. profits fill the gap between the sum of employee compensation, rents and interest on the one hand and the value of final output on the other hand. C. profits cannot be negative because profit equals the value of final output less costs. D. aggregate income net of profits is greater than the value of final output because profit can add or take away from final output.
Recall the Application about the response of bike messengers in Zurich to a change in wages to answer the following question(s).Recall the Application. A study of the messengers in Zurich showed that as the messengers' revenue share increased from 40% to 50%, the bike messengers took more shifts but pedaled slower. If the increase in the revenue is similar to a wage increase, then the increase in the shifts taken is reflective of:
A. the income effect. B. the substitution effect. C. neither the income nor the substitution effect. D. both the income and the substitution effect.