Which of the following is NOT a step involved in using checks?
A) The recipient must take the check to the bank.
B) The bank must present the check to the checkwriter's bank.
C) The funds must be transferred from the checkwriter's bank to the recipient's bank.
D) The funds must be transferred from the recipient's bank to the checkwriter's bank.
D
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A business incurs the following costs per unit: Labor - $5/unit; Materials $3/unit and rent - $5000/month. If the firm produces 100 . units a month, the total fixed costs equals
a. $5,000 b. $8,000 c. $13,000 d. $3,000
If price-taking firms are required to install wet scrubbers on their chimneys to meet EPA regulations and their costs increase as a result, we would expect
a. demand for the product to fall b. the market supply curve to shift to the left c. the long-run economic profit of individual firms in the industry to fall d. the short-run economic profit of individual firms in the industry to remain unchanged e. short-run profits to rise as the industry raises price more than the cost of pollution