In answering the question, assume a graph in which dollars are measured on the vertical axis and output on the horizontal axis. Refer to the information. For a purely competitive firm, total revenue graphs as a:
A. straight, upsloping line.
B. straight line, parallel to the vertical axis.
C. straight line, parallel to the horizontal axis.
D. straight, downsloping line.
Answer: A
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Harry's Hotdogs is a small street vendor business owned by Harry Huggins. Harry is trying to get a better understanding of his costs by categorizing them as fixed or variable. Which of the following costs are most likely to be considered fixed costs?
a. the cost of mustard b. the cost of hotdog buns c. wages paid to workers who sell hot dogs d. the cost of bookkeeping services
New growth theory supports the idea thatI.economic growth can continue as long as we keep finding new ideas.II.increases in human capital can lead to greater rates of economic growth.
A. I only B. II only C. Both I and II D. Neither I nor II