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Question
Economists use the term variable costs to refer toa. prices of inputs that are subject to sudden change, like fuel.
b. an increase in the price of any input.
c. costs that vary with the type of final product being produced.
d. costs that vary with the quantity of output produced.
Answer
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Related questions
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Define the terms legal incidence and economic incidence. When the legal incidence of a tax is changed, how does this affect the economic incidence of the tax? Why does this result occur?
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If demand rises and supply falls, which of the following must be true?
a. The equilibrium price will rise.
b. The equilibrium price will fall.
c. The equilibrium price will not change.
d. The change in the equilibrium price is indeterminate.
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If demand rises and supply falls, which of the following must be true?
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If both demand and supply rise, which of the following must be true?
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Which statement is true regarding a market in equilibrium
a. There is a shortage of the good.
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Which of the following would result in a decrease in the demand for coffee?
a. A frost in Brazil that damages coffee plants.
b. The proliferation of coffee shops in an area.
c. A 10 cent tax on the sale of a doughnut.
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New safety regulations increase manufacturers' costs of producing insulation. What happens in the market for insulation?
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Suppose the price of a DVD is $15 per unit. At that price, consumers wish to purchase 6,000 units weekly and producers wish to sell 4,000 units weekly. In this situation,
a. unsatisfied consumers will bid up the market price.
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Q:
In a supply-demand diagram, the law of supply is illustrated by
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Surveys show that a small increase in the price of organic potatoes will cause most people to switch to other alternatives such as packaged mashed potatoes. This finding suggests that the demand curve for organic potatoes is
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Suppliers of a commodity are better off whenever the legal incidence of a tax is shifted away from the suppliers to the demanders.
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If the price and quantity exchanged of a good simultaneously rise, then the law of demand has been violated.
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The supply curve for a commodity will shift to the right when the costs of production rise.
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As defined by economists, the supply of corn refers to the number of bushels of corn that farmers bring to the market.
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A point on the firm's expansion path both minimizes the cost of producing a given output level and maximizes the output obtained for a given expenditure level.
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Output is held fixed along an isocost.
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All baskets of labor and capital capable of producing a given level of output are technologically efficient.
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If the total benefits received from drug enforcement exceed its total costs, then the government should expand its drug enforcement activity.
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If 1000 pounds of steel can produce 3000 cars, then 2000 pounds of steel can produce 6000 cars and 3000 pounds of steel can produce 9000 bushels of cars.
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Firms are so diverse in size and organization that it is not possible to make any general statements about their behavior.
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With an increase in income, we can predict that a consumer will choose a new market basket
a. on a lower indifference curve.
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c. on a higher indifference curve that passes through the new budget line.
d. on a higher indifference curve that is tangent to the new budget line
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With an increase in income, a consumer can increase the quantity consumed of
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d. either or both.
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An outward, parallel shift in the budget line indicates that
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b. the consumer's demand for the good on the horizontal axis has risen.
c. the price of the good on the horizontal axis has fallen.
d. all commodity prices have simultaneously risen.