Does a competitive firm have the ability to influence the quantity of output it supplies? Does it have the ability to influence its average revenue?

To the economist, total cost includes

A) explicit and implicit costs.
B) neither implicit nor explicit costs.
C) implicit, but not explicit, costs.
D) explicit, but not implicit, costs.

If you can download 10 ring tones for your cell phone for $10 or you can download 11 ring tones for your cell phone for $10.50, then the marginal cost of the eleventh ring tone is

A) $0.50.
B) $10.00.
C) $10.50.
D) $20.50.

A competitive firm uses two inputs and has a production function f(x1, x2)  8x.25 1x.25 2.The firm can buy as much of either factor as it likes at factor prices w1  w2  $1.The cost of producing y units of output for this firm is

A) 8(x1  x2) y.
B) 2(y/8) 2.
C) (x1  x2) /8.
D) y/16.
E) y₂/16.

I Wear Optometry determined the following variances had occurred during the month of September:
The company made 1600 pairs of eyeglasses during the month using 2000 direct labour hours. The standard wage rate per hour is $14.50. What is the number of standard hours allowed for one pair of eyeglasses?

A) 1 hour
B) 1600 hours
C) 1 hour 15 minutes
D) Insufficient data to determine

_____ include(s) direct labor and direct materials as well as other items that go up and down with sales, such as commissions.

A) Expenses
B) Overhead
C) Variable cost
D) Depreciation