Which statement is TRUE? Fixed costs
A) do NOT exist in the long run.
B) depend on the firm's level of output.
C) are zero if the firm is producing nothing.
D) are the difference between total costs and average variable costs.
A) do NOT exist in the long run.
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How is it possible for the economy to have an inflationary gap?
a. Equilibrium is at a GDP level below full employment. b. Equilibrium is at a GDP level equal to full employment. c. Equilibrium is at a GDP level above full employment. d. GDP is rising at full employment. e. GDP is falling at full employment.
Which of the following is most likely to shift the demand curve for electricity to the left?
A. consumers becoming more energy conscious. B. an increase in income. C. a decrease in the price of electricity. D. an increase in the price of natural gas, a substitute source of energy.
Whenever central bankers face more than one goal, the policy framework requires:
A. central bankers to make their priorities clear. B. the central bank to always focus on inflation first. C. central bankers to focus on all goals, no matter what. D. economic growth to be the top priority.
A very small percentage of GDP tends to come from the service sectors in poor countries.
Answer the following statement true (T) or false (F)