Holding everything else constant, an increase in the price of raisins will result in
A) an increase in the quantity of raisins demanded. B) a decrease in the quantity of raisins demanded.
C) an increase in the demand for raisins. D) a decrease in the supply of raisins.
B
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The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. If 95 units are produced, the average total cost is
A) $6.31. B) $17.45. C) $26.32. D) $32.63.
The benefits principle of taxation can be used to argue that wealthy citizens should pay higher taxes than poorer ones on the basis that
a. police services are more frequently used in poor neighborhoods. b. the wealthy benefit more from services provided by government than the poor. c. the poor are more active in political processes. d. the poor receive welfare payments.