Which of the following is true?
A. ATC = AVC - AFC
B. TVC/Q = TC/Q + TFC/Q
C. ?TC/?Q = ?AVC/?Q
D. ?TC/?Q = MC
Answer: D
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Suppose the production of DVD players can be represented by the following production function: q = L0.4K0.4. Which of the following statements is (are) TRUE?
A) The production function has decreasing returns to scale. B) The marginal productivity of labor falls as labor increases in the short run. C) Capital and labor can be substituted for one another. D) All of the above.
During the quarter of a century prior to 2000 . between 66 percent and 71 percent of Americans age 18 and older paid personal income taxes. What happened to the share of adult Americans with a personal income tax liability between 2000 and 2009?
a. It rose to nearly 90 percent. b. It rose to approximately 80 percent. c. It was virtually constant at approximately 70 percent. d. It fell to 51 percent.
Economists tend to believe that market incentive plans are generally more efficient than direct regulation.
Answer the following statement true (T) or false (F)
Use the above figure. Which graph depicts a normal good?
A. A B. B C. C D. D