All along the beach in San Diego, California are shops which rent boogie boards by the hour
Tourists perceive that all rental boogie boards are identical, all prices are clearly listed on signs in front of the shops, and there are no restrictions on entry and exit in the boogie board market. What type of market is the boogie board market? A) monopoly
B) oligopoly
C) monopolistic competition
D) perfect competition
D
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Which of the following will become smaller and smaller as the firm expands output?
a. average total cost b. average fixed cost c. marginal cost d. total fixed cost
If your wage increases from $10 per hour to $15 per hour, then your
a. opportunity cost of an hour of leisure decreases by $5 per hour. b. opportunity cost of an hour of leisure increases by $5 per hour. c. out-of-pocket cost of an hour of leisure decreases by $5 per hour. d. out-of-pocket cost of an hour of leisure increases by $5 per hour.