Suppose Jan started up a small lemonade stand business last month. Variable costs for Jan's lemonade stand now include the cost of
a. building the lemonade stand.
b. hiring an artist to design a logo for her sign.
c. lemons and sugar.
d. All of the above are correct.
c
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Suppose that for a given firm, the increase in output resulting from the last worker hired is less than the increase in output of the previous worker hired. This is an example of
A) increasing return. B) capital deepening. C) diminishing returns. D) constant returns.
Why is voluntary exchange an important source of economic prosperity?
A) All of the above are correct. B) It makes it possible to produce a larger output as a result of gains from division of labor and specialization. C) It makes it possible to produce a larger output as a result of lower per unit costs that often accompany large-scale production. D) It moves goods from people who value them less to people who value them more.