Average costs curves initially fall
a. Due to declining average fixed costs
b. Due to rising average fixed costs
c. Due to rising fixed costs
d. Due to rising marginal costs
a
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If a seller charges a buyer the exact price the buyer is willing to pay, then the buyer would
A) not buy the good. B) receive the maximum consumer surplus. C) receive no benefit from the good. D) receive no consumer surplus from that unit of the good. E) suffer a deadweight loss from buying the good.
An increase in taxes on labor income shifts the labor supply curve ________, and the ________
A) leftward; after-tax wage rate falls B) rightward; before-tax wage rate rises C) leftward; before-tax wage rate does not change D) leftward; after-tax wage rate rises E) leftward; after-tax wage rate does not change
A change in demand would be illustrated by
a. a drop in price, which causes people to buy more. b. an increase in price, which causes people to buy less. c. a change in people’s preferences that causes them to buy either more or less than before. d. All of these.
Which of the following is an example of a positive statement?
A. Cats are better pets than dogs. B. NCAA Football should have adopted a playoff system 10 years ago. C. An increase in minimum wage results in higher teenage unemployment. D. No one should be allowed to carry guns into the classroom.