An increase in the price of labor (a variable resource) shifts
A) all cost curves upward.
B) the variable cost curves upward but leaves the fixed cost curves unchanged.
C) the fixed cost curves upward but leaves the variable cost curves unchanged.
D) the marginal cost curve rightward.
E) none of the cost curves.
B) the variable cost curves upward but leaves the fixed cost curves unchanged.
You might also like to view...
A philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society
a. free enterprise b. traditional economy c. incentive d. safety net e. socialism
Health clubs typically experience an increase in one-year memberships in January, but many new customers cancel their memberships before the end of the year. Which of the following is the best explanation for this behavior?
A) Some people fail to treat their membership fees as sunk costs. B) Some people are overly optimistic about their future behavior. C) Some members receive utility from activities they believe are popular. D) Some health club members suffer minor injuries that prevent them from working out.