Output Total Cost015125233340448558670Table 8.5Refer to Table 8.5. The average variable cost of producing five units of output is:
A. $0.
B. $8.60.
C. $10.
D. $11.60.
Answer: B
You might also like to view...
Marginal revenue is the change in total revenue from using one more unit of an input in the short run
a. True b. False
In the figure below, we see an expansion of the production-possibility curve (from PPC1 to PPC2). The two goods produced are wheat and cloth, which are land-intensive and labor-intensive, respectively. The outward shift of the production-possibility curve shows
A. biased growth. B. a move from a no-trade situation to free trade. C. an increase in the production costs of both goods. D. balanced growth.
When economists say the supply of a product has decreased, they mean that:
A. the supply curve has shifted to the left. B. the product price has decreased, and as a consequence, suppliers are producing less of the product. C. producers are now willing to sell more of this product at each possible price. D. the supply curve has shifted to the right.
Which one of the following is NOT included in GDP?
A. You volunteer to organize a neighborhood watch group on your block. B. A mail-order firm constructs a new warehouse in Kansas as a central distribution facility. C. You pay your monthly apartment rent. D. The federal government pays a defense contractor to develop a new weapons system.