The percentage markups which sellers use
A) are based on their estimates or guesses about marginal cost and marginal revenue for particular goods.
B) are between 10 and 15 percent.
C) are the same on all products of a single firm.
D) differ between products but are the same on average for all firms.
A
Economics
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The term "fixed input" refers to:
A) inputs to production that do not vary with respect to quality. B) inputs to production that do not vary in price. C) inputs to production that yield a constant or "fixed" marginal product. D) inputs to production, the quantity of which cannot be varied in the short run.
Economics
When income increases, the demand curve for an inferior good
A) shifts to the right. B) shifts to the left. C) moves up along the demand curve for the product. D) remains constant.
Economics