The labor supply curve a. may slope either upward or downward, depending upon the real wage b. slopes downward to illustrate that a decrease in the real wage decreases the number of individuals willing to work c. slopes upward to illustrate that more people will want to work as the real wage increases d. slopes upward to illustrate that changes in the real wage are directly proportional to changes in the nominal wage e. slopes downward to illustrate that the availability of workers is directly proportional to the real wage

The labor supply curve a. may slope either upward or downward, depending upon the real wage b. slopes downward to illustrate that a decrease in the real wage decreases the number of individuals willing to work c. slopes upward to illustrate that more people will want to work as the real wage increases d. slopes upward to illustrate that changes in the real wage are directly proportional to changes in the nominal wage e. slopes downward to illustrate that the availability of workers is directly proportional to the real wage

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 14MC: Which of the following statements is true regarding average fixed costs? A. Average fixed costs per...

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Which of the following describes the behavior of the fixed cost per unit? Decreases with decreasing production Decreases with increasing production Increases with increasing production Remains constant with changes in production
In economics, a fixed cost is a cost that does not vary with the level of output. goes down as the level of output goes up. goes up as the level of output goes up. is present only in the short run.
Which of the following statements is true regarding average fixed costs? A. Average fixed costs per unit remain fixed regardless of level of activity. B. Average fixed costs per unit rise as the level of activity rises. C. Average fixed costs per unit fall as the level of activity rises. D. Average fixed costs per unit cannot be determined.
The marginal product of labour is defined as the ____. a) Average output per worker b) Cost of one worker c ) Change in output from using one more unit of labour d) Change in revenue from using one more unit of labour
Would the cost of full-time hourly employees behave mainly as a variable cost or a fixed cost? Does your answer change if you consider part-time hourly employees rather than full-time employees? Explain.
What happens to average fixed cost as more products are made? a. Remains the same b. Increases c. Decreases d. Fluctuates
Which of the following occurs if a company experiences a decrease in its fixed costs? Select one: O a. Income would decrease. O b. The break-even point would decrease. O c. The break-even point would increase. O d. More than one of the answers would occur. e. The contribution margin would decrease.
Which of the following statements is CORRECT with respect to fixed costs per unit? Select one: A. They will decrease as production decreases. B. They will remain the same as production levels change. C. They will increase as production increases. D. They will increase as production decreases.
In the fixed cost per unit does the it increase as activity decreases and will decrease as activity increases?
Which of the following statements is CORRECT with respect to fixed costs per unit? Select one: A.They will decrease as production decreases. B.They will increase as production increases. C.They will increase as production decreases. D.They will remain the same as production levels change.
Within the relevant range: Select one: O A. variable cost per unit decreases as production decreases. O B. fixed cost per unit increases as production decreases. O C. fixed cost per unit decreases as production decreases. O D. variable cost per unit increases as production decreases.
Which of the following statements is true regarding average fixed costs? Select one: a. Average fixed costs per unit fall as the level of activity rises. b. Average fixed costs per unit cannot be determined. c. Average fixed costs per unit remain fixed regardless of level of activity. d. Average fixed costs per unit rise as the level of activity rises.

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	a.	may slope either upward or downward, depending upon the real wage
	b.	slopes downward to illustrate that a decrease in the real wage decreases the number of individuals willing to work
	c.	slopes upward to illustrate that more people will want to work as the real wage increases
	d.	slopes upward to illustrate that changes in the real wage are directly proportional to changes in the nominal wage
	e.	slopes downward to illustrate that the availability of workers is directly proportional to the real wage