Because the amount of labor a firm employs can be changed, the cost of labor is known as
A) minimum cost.
B) variable cost.
C) maximum cost.
D) fixed cost.
E) an unavoidable cost.
B
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If a market is a duopoly and additional firms enter and do not cooperate, then
a. price and quantity fall. b. price and quantity rise. c. price falls and quantity rises. d. price rises and quantity falls.
The value of Gross Domestic Product (GDP), when estimated by the income approach, is the sum of
A. income earned by all factors of production, indirect business taxes, corporate income taxes, and personal income taxes. B. consumption expenditures, investment spending, and profits. C. wages, rent, interest, gross corporate profits, proprietor's income, and taxes unrelated to incomes, and depreciation. D. consumption, wages, rents, interest, and profits.