The old saying, “There are no free lunches,” can best be used to explain that ______.
a. free-riders will use goods without paying for them
b. there are trade-offs for every government program
c. transaction costs prevent the completion of most deals
d. private firms are more efficient than the government
b. there are trade-offs for every government program
Economics
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Refer to the figure above. What is the equilibrium employment if the labor demand curve is LD1 and the labor supply curve is LS1?
A) 5 units B) 20 units C) 15 units D) 10 units
Economics
A firm is producing 100 racing bicycles at a total cost of $84,000. The firm's fixed cost is $24,000. What is the average variable cost?
a. $840 b. $640 c. $600 d. $240
Economics