The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The total variable cost of producing 80 units equals
A) less than $50.
B) more than $50 and less than $70.
C) more than $70 and less than $90.
D) more than $90 and less than $120.
E) more than $120.
C
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Consumers are often bewildered by the different array of choices, plans and prices that are offered by cell phone service companies
Explain in terms of consumer surplus why this makes sense from both the company's perspective and that of the consumer.
Which of the following is not true of the demand deposit multiplier?
a. Its formula is 1/RRR. b. It represents the change in demand deposits generated by a change in reserves. c. It represents the change in demand deposits generated by a change in taxes. d. It is a way to determine the effect on money supply from a given Federal Reserve action. e. It ignores changes in the behavior of the public and the banks.