When the production of a good involves several inputs and inputs are used in fixed proportions, an increase in the cost of one input will usually cause total costs to
A) rise more than in proportion.
B) rise less than in proportion.
C) remain unchanged.
D) rise by the exact amount of the input price increase.
D
Economics
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In the figure above, with the rent ceiling
A) there is a shortage of 3,000 units. B) there is a surplus of 3,000 units. C) there is a surplus of 2,000 units. D) there is a shortage of 1,000 units. E) the market is in equilibrium.
Economics
Based on the table above which shows Chip's costs, if Chip shuts down in the short run, his total cost will be
A) $0. B) $1,000. C) $1,200. D) $4,000.
Economics