Which of the following would be considered a fixed cost to a typical firm?
a. Inventory costs
b. Hourly labor costs
c. Salary paid to manager
d. Electricity costs
c
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Along a straight line, the value of y is always equal to the value of x. The slope of the line is
A) -1. B) 0. C) 1. D) infinite.
Look at the production schedule of the Widget Company below:
Number of workers 0 1 2 3 4 5 Number of widgets 0 12 22 30 36 40 What is the marginal product of the second worker? A) 8 B) 10 C) 12 D) 22
Rent seeking is the term given
a. to an attempt by firms to create a profitable monopoly even though resources may be wasted in the process. b. to filing a lawsuit, which wastes resources, in the hope of obtaining monetary gain or a strategic market position. c. to attempts by firms to obtain earnings without contributing to production. d. All of the above are correct.
Assume that the total utilities for the fifth and sixth units of a good consumed are 83 and 97, respectively. The marginal utility for the sixth unit is:
a. -14 b. 14 c. 83 d. 97