The above (incomplete) table provides information about the relationships between output and various cost measures. The total cost (TC) of producing 9 units of output is
A) $180.
B) $190.
C) $20.
D) None of the above answers is correct.
B
You might also like to view...
Other things remaining the same, as U.S. imports increase, the quantity of
A) foreign currency supplied increases. B) U.S. dollars supplied decreases. C) foreign currency demanded increases. D) foreign currency demanded decreases. E) U.S. dollars demanded increases.
Refer to Table 3.1. Which of the following cannot be true?
A) The consumer could be indifferent between A and B. B) A and C could be on the same indifference curves. C) The consumer could be indifferent between B and C. D) A and C could be on different indifference curves.
Consider the market for capital equipment. Suppose the value of the marginal product of capital equipment increases. Holding all else constant, the equilibrium quantity of capital equipment will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium quantity of capital equipment.
Estimates of the income elasticity of demand for health care indicate that it is about 1. These estimates suggest that spending on health care will probably:
A. increase faster than income. B. increase proportionately with income. C. increase less than income. D. not increase or decrease.