Which short-run cost curve continually declines as output increases?
A. Average fixed cost
B. Total cost
C. Marginal cost
D. Average variable cost
Answer: A
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In many cities in the United States, a single firm provides electricity. Those firms are:
A. oligopolists. B. monopolists. C. monopolistic competitors. D. perfect competitors.
The above figure shows the market for steel ingots. If the market is competitive, then the competitive market level of output is
A) 100 units. B) 150 units. C) 50 units. D) 300 units.
What is the most compelling evidence for the Keynesian interpretation of the Great Depression?
a. Increases in both the interest rate and the quantity of money b. Decreases in both the interest rate and the quantity of money c. An increase in the interest rate and a decrease in the quantity of money d. A decrease in the interest rate and an increase in the quantity of money
The factors of production are the:
A. ingredients that go into making any good or service. B. outputs that society as a whole have chosen to produce. C. costs and benefits of a given production process. D. list of inputs required for a given durable good.