If a college graduate makes $10,000 more than a high school graduate, we can safely say that the education imparted in college adds $10,000 to an individual's income

Which of the following is most likely to be a fixed cost for a business?

a. expenditures on low-skill labor. b. shipping charges for the delivery of products. c. managerial salaries. d. property taxes on the firm's buildings.

A shortage exists in a market if

a. there is an excess supply of the good. b. quantity supplied exceeds quantity demanded. c. the current price is below its equilibrium price. d. All of the above are correct.