The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total cost of producing 50 bikes?

Explain the effects of communal farming on the incentive for individual farmers to expand their farms, relative to the incentives that exist in a market system

What will be an ideal response?

A business entity that produces goods or services is referred to as a(n):

A) market. B) firm. C) government. D) industry.