Solved

Bob Gives Up His Factory Job in Order to Open

Question 107

Multiple Choice

Bob gives up his factory job in order to open a bait-and-tackle shop.The earnings from his factory job represent


A) the hourly wage paid by the shop
B) the marginal cost of running the shop
C) the average cost of running the shop
D) a fixed cost that can vary in the long run
E) an implicit cost of opening the shop

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q102: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt=" -Figure 7-9 shows

Q103: Diseconomies of scale tend to occur in

Q104: The total cost to a firm of

Q105: The law of diminishing marginal returns says

Q106: The least-cost rule for firms states that

Q108: If the marginal product of labor falls,the

Q109: Whenever marginal cost is below average cost,average

Q110: Total fixed costs decrease as output expands.

Q111: When long-run average total cost decreases as

Q112: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt=" -Figure 7-6 shows