Which is not a fixed cost?
a. An attorney's retainer of $50,000 per year
b. A worker's wage of $15 per hour
c. Monthly rent of $1,000 contractually specified in a one-year lease
d. An insurance premium of $50 per year, paid last month
03-21-2010, 07:14 PM #1
Economics Question(s)...please help for my little reps
03-21-2010, 07:20 PM #2
03-21-2010, 07:22 PM #3
03-21-2010, 07:24 PM #4
03-21-2010, 07:26 PM #5
According to the law of diminishing marginal returns, eventually:
a. Additional inputs will no longer generate average output
b. The additional output generated by additional units of an input will diminish
c. The additional inputs necessary to produce an additional unit of output will diminish
d. Output must fall and then rise as additional units of input are employe
03-21-2010, 07:26 PM #6
03-21-2010, 07:27 PM #7
03-21-2010, 07:29 PM #8
BOOM you are the man, reps for life if you keep helpin!
A firm encountering economies of scale over some range of output will have a:
a. Rising long-run average cost curve
b. Rising, then falling, then rising long-run average cost curve
c. Falling long-run average cost curve
d. Constant long-run average cost curv
03-21-2010, 07:32 PM #9
03-21-2010, 07:33 PM #10
03-21-2010, 07:35 PM #11
Dude i know my prof is a douche. these worded answers suck. thanks tho...
The law of diminishing returns for a manufacturing plant of a fixed size implies that, eventually employing one:
A. Less worker will increase output per worker
B. More worker will increase output per worker
C. More worker will decrease output per worker
D. Less worker will not affect output per worker
03-21-2010, 07:37 PM #12
03-21-2010, 07:37 PM #13
03-21-2010, 07:40 PM #14
thanks so much all! please stay in, only like 4-5 more...
A consumer's demand curve for a product is downsloping because:
A. marginal utility diminishes as more of a product is consumed.
B. total utility falls below marginal utility as more of a product is consumed.
C. the income and substitution effects precisely offset each other.
D. time becomes less valuable as more of a product is consumed.
03-21-2010, 07:45 PM #15
03-21-2010, 07:48 PM #16
a. Equal the difference between total revenues and explicit costs
b. Are similar to pure economic rents
c. Equal the difference between total revenues and the sum of implicit and explicit costs
d. Are economic profits
Which of the following statements is not correct?
a. A reduction in money income will shift the budget line to the right.
b. An increase in product prices will shift the budget line to the left.
c. A reduction in money income accompanied by an increase in product prices will necessarily shift the budget line to the left.
d. An increase in money income will shift the budget line to the right.
Which statement is false?
a. The short run refers to the same calendar time period for all industries
b. In the long run, firms do not operate at a loss
c. In the long run, all inputs can vary
d. Firms may operate at a loss in the short run
03-21-2010, 07:52 PM #17
03-21-2010, 07:53 PM #18
03-21-2010, 07:55 PM #19
03-21-2010, 07:56 PM #20
03-21-2010, 07:59 PM #21
also lol OP. I just finished this chapter in micro econ this afternoon, and did my quiz a couple hours ago.lacey23 on ssb
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