Use the above figure. At an output equal to "Q" the total variable cost for the firm will be the area
A. OQAB.
B. OQEB.
C. OQDC.
D. OQFA.
Answer: B
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A rise in the price of a substitute in production for a good leads to
A) an increase in the supply of that good. B) a decrease in the supply of that good. C) no change in the supply of that good; instead there is a change in the quantity supplied. D) a decrease in the quantity of that good supplied. E) no change in either the supply or the quantity supplied of the good.
In the market for reserves, a lower discount rate
A) decreases the supply of reserves. B) increases the supply of reserves. C) lengthens the vertical section of the supply curve of reserves. D) shortens the vertical section of the supply curve of reserves.
In using the budget as an economic stabilizer, the United States has had the least success in
a. incurring deficits. b. finding spending projects. c. generating surpluses. d. borrowing money.
If the public decides to hold less currency and more deposits in banks, bank reserves
a. decrease and the money supply eventually decreases. b. decrease but the money supply does not change. c. increase and the money supply eventually increases. d. increase but the money supply does not change.