If Jason's fixed cost totals $400 with variable cost per unit of $10 at a quantity of 80 units, what would his average total cost at 80 units of output equal?

A government proposal to increase marginal tax rates on the wealthiest 2 percent of U.S. residents is supposed to generate an additional $100 billion in tax revenues. It is likely that

A) the actual revenue raised will exceed the $100 billion, because the other 98 percent of the population will increase their work effort with a more fair tax system. B) the actual revenue raised will be more than $100 billion, because the short-run aggregate supply curve is upward sloping. C) the actual revenue raised will be close to $100 billion, because the wealthy don't respond to work incentives the way poorer workers do. D) the actual revenue raised will be less than $100 billion, because some of the people will respond by working less and earning less income that can be taxed.

The market supply curve for labor is upsloping because:

A. of diminishing returns. B. employers as a group must pay higher wage rates to obtain more workers. C. of declining MRC. D. each employer is a "wage taker."