Average total cost is equal to total cost divided by profit
a. true
b. false
Ans: b. false
You might also like to view...
In an open economy, aggregate supply consists of domestic production
A. plus imports. B. plus exports. C. minus imports. D. minus exports.
A monopolistically competitive firm:
A. sells products that are perfect substitutes for its competitors' products, so must compete on the basis of location. B. will be more successful the more similar its output is to its competitors' output. C. sometimes distinguishes its output from that of its competitors by locating in a more convenient place. D. sells products that are close substitutes for its competitors' products, so will locate as far away from its competitors as possible.
Making more frequent, but smaller cash withdrawals from banks ________ the inflation losses from holding cash and ________ the shoe leather costs of inflation.
A. reduces; increases B. reduces; has no impact on C. increases; reduces D. increases; increases
Kachina is a senior majoring in graphic design at Awesome University (AU). While she has been attending college, Kachina started a computer consulting business to help senior citizens learn how to use their iPads. Kachina charges $25 per hour for her consulting services. She also works 5 hours a week for the Economics Department to maintain that department's Web page. The Economics Department
pays Kachina $20 per hour. Which of the following statements is correct? a. Kachina should increase the number of hours she works for the Economics Department to make her income comparable to her consulting business income. b. Kachina cannot be maximizing her well-being if she continues to work for the Economics Department. c. If Kachina chooses one hour at the beach with her friends rather than spend one more hour with a consulting client, the forgone income of $25 is considered a cost of the choice to go to the beach. d. Both b) and c) are correct