Blog

 I’MABigCorp. produces and sells kitchen wares. Last year, it produced 7,000 can openers and sold each one for $6. To produce the 7,000 can openers, the company incurred variable costs of $28,000 and a total cost of $45,000.  I’MABIGCorp.’s average fixed cost to produce the 7,000 can openers was

For the restaurant industry in Seattle, with dozens or hundreds of extremely small competitors, the value of the HHI

Nearly all supply curves share a basic similarity: they slope ________________.

 ___________ include all spending on labor, machinery, tools, and supplies purchased from other firms.

Other things being equal, a _____________ supply of workers tends to _________ real wages. 

The government wants to make medicare benefits available to more people, but to achieve this goal, it needs to make cuts in the existing medicare budget. The two areas where they are considering cuts are non-essential elective surgery and 6-12 month mental health care programs.   Applying the concept of diminishing marginal utility, the budget cuts should be made for spending on:

Which branch or area of economics looks at the economy as a whole?

The labor __________ curve(s) will shift ____________ if there is an increase in productivity or an increase in the demand for the final product.

 The downward slope of the demand curve again illustrates the pattern that as _____________ rises, ______________ decreases.

As depicted in  ____, it is necessary to give up some of one good to gain more of the other good.