Fixed cost is sometimes referred to as
A. sunk cost.
B. variable cost.
C. total cost.
D. economic cost.
A. sunk cost.
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Refer to Figure 2-9. What is the opportunity cost of producing 1 snow cone in Greenland?
A) 2/3 of a popsicle B) 5/6 of a popsicle C) 1 1/5 popsicles D) 200 popsicles
Suppose the extra cost to a pet store of advertising one additional day each week in the local newspaper is $450
Then, the pet store should advertize that one additional day each week if doing so brings in additional revenue of $450 or more each week. Indicate whether the statement is true or false
Which of the following is an example of a pure public good?
a. A bus. b. A mall. c. A teddy bear. d. An army. e. An automobile.
A change in taxes of a given amount affects an individual's consumption spending by less than that amount, because the marginal propensity to consume is less than 1
a. True b. False Indicate whether the statement is true or false