Figure 7-10
In Figure 7-10, the curve labeled C is
a.
average fixed cost.
b.
average total cost.
c.
average variable cost.
d.
marginal cost.
b
You might also like to view...
Who tends to be generally very much against labor migration?
A. The migrant workers B. The labor unions in the country of origin C. The firms in the destination country D. The labor unions in the destination country
Assume, for Mexico, that the domestic price of beets without international trade is higher than the world price of beets. This suggests that, in the production of beets,
a. Mexico has a comparative advantage over other countries and Mexico will export beets. b. Mexico has a comparative advantage over other countries and Mexico will import beets. c. other countries have a comparative advantage over Mexico and Mexico will export beets. d. other countries have a comparative advantage over Mexico and Mexico will import beets.
Smith sends her children to a private school on the other side of town. Tuition per student per year is $15,000. Jones sends her children to a public school on her side of town. Tuition per student per year is $0. Most people seem to think that the private school and public school are equivalent when it comes to educating students. According to a theory discussed in the textbook,
A) Smith lives in a more expensive home than Jones. B) Jones lives in a more expensive home than Smith. C) Smith and Jones live in homes that are priced the same. D) Smith lives in a larger home than Jones. E) none of the above
Suppose the production function faced by the firm is Q = A1/3 B1/3.If the firm increases the use of both inputs by 1 percent, output will increase by
A. 2 percent. B. 0 percent. C. more than 10 percent. D. less than 1 percent.