When a business is calculating its operating costs, it must include _____.
(A) Building rental costs
(B) Variable costs
(C) Fixed costs
(D) Total costs
Ans: (B) Variable costs
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Suppose Good Food's supermarket raises the price of its steak and finds its total revenue from steak sales does not change. This is evidence that price elasticity of demand for steak is:
a. perfectly elastic. b. perfectly inelastic. c. unitary elastic. d. inelastic. e. elastic.
When the dollar depreciates, U.S
a. net exports rise, which increases the aggregate quantity of goods and services demanded. b. net exports rise, which decreases the aggregate quantity of goods and services demanded. c. net exports fall, which increases the aggregate quantity of goods and services demanded. d. net exports fall, which decreases the aggregate quantity of goods and services demanded.