Society must pay the full opportunity cost of any activity
A) that uses scarce resources.
B) that causes costs to rise.
C) that increases revenues.
D) none of the above.
Answer: A
Economics
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Refer to Scenario 2. The average fixed cost of 2 units of output is:
A) $8.00. B) $8.50. C) $12.00. D) $20.50.
Economics
Which of the following statements concerning the supply of labor is true?
a. The wage rate has no effect on the supply of labor. b. The labor supply curve is downward sloping. c. The supply of labor is determined by the prevailing wage rate. d. The typical labor supply curve is upward sloping.
Economics