(17) QID: 994 A firm pays salaries to some workers and wages to other workers. S
ID: 1100027 • Letter: #
Question
(17) QID: 994 A firm pays salaries to some workers and wages to other workers. Salaries are a fixed amounts of money regardless of the number of hours worked; wages are paid based on hourly rates. Firms usually categorize salaries as fixed costs and wages as variable costs. salaries and wages as fixed costs. salaries and wages as variable costs. salaries as variable costs and wages as fixed costs.
(18) QID: 24341 The variable cost curve can be derived from the total product curve by multiplying the quantity of labor by the wage rate. reversing the axes and multiplying the quantity of labor by the wage rate. reversing the axes and multiplying the total product by the wage rate. multiplying the total product by the wage rate.
(19) QID: 1832 The difference between _________________ cost and _________________ cost is ____________________ cost.
marginal; opportunity; average fixed average total; marginal; average fixed fixed; variable; marginal average total; average variable; average fixed
(20) QID: 24379 Examine the table below. This firm pays its workers $10 each in wages. If the price of output is $2.00, this firm could potentially make a profit when it produces
between 16 and 17 units. more than 20 units. 20 units. more than 21 units.
Explanation / Answer
17. salaries as fixed costs and wages as variable costs.
18. multiplying the total product by the wage rate.
19. average total; average variable; average fixed
20. more than 20 units.
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