In Figure 8.4, the difference between total costs and variable cost is:
A. average total cost.
B. fixed cost.
C. total costs are positive when output is zero implying fixed costs.
D. All of these.
Answer: B
Economics
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In privately held firms the manager-stockholder conflict is
A) worse than in the larger firm. B) the same as it is in the larger firm. C) less severe than in the larger firm. D) there is no manager-stockholder conflict because the manager is the owner.
Economics
Prices direct economic activity in a market economy by
a. influencing the actions of buyers and sellers. b. reducing scarcity of the goods and services produced. c. eliminating the need for government intervention. d. allocating goods and services in the most equitable way.
Economics