If the price level rises from 100 to 110 then the inflation rate is
A) 100 percent.
B) 1.0 percent.
C) 10.0 percent.
D) 110 percent.
E) None of the above answers is correct.
C
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If input prices fall, it will lower the cost of production, causing the supply curve to shift to the right
a. True b. False Indicate whether the statement is true or false
Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that when the firm hires 4 workers, the firm produces 50 units of output. If the fixed cost of production is $4, the variable cost per unit of labor is $20, and the marginal product of labor for the fifth unit of labor is 2,
what is the average total cost of production when the firm hires 5 workers? a. $2.00 b. $20.00 c. $20.80 d. $22.80