Which type of cost is does not change as the quantity of output produced changes?
A) total cost
B) average cost
C) fixed cost
D) marginal cost
C
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The chances of successful collusion are greatest when
a. firms are producing a differentiated product. b. there are many firms in the industry. c. there are tiny firms and huge firms together in the same industry. d. demand curves and cost curves are similar among the firms in the industry. e. demand is falling.
If the wage rate in the labor market is $17 and the productivity of workers decreases, which of the following statements is incorrect?
A. If wages are sticky, there will be a shortage in the labor market. B. The labor demand curve shifts to the left. C. If wages are flexible, there will be a decrease in wages. D. If wages are sticky, there will be a surplus in the labor market.