Average variable cost is measured by
a. AFC + ATC
b. TC – TFC
c. AVC – ATC
d. TVC/TC
e. TVC/Q
E
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The CPI in 1990 was 131, and the CPI in 2010 was 218. If you earned a salary of $40,000 in 1990, what would be a salary with equivalent purchasing power in 2010?
A) $45,977 B) $66,565 C) $87,200 D) $143,486
How do unlimited and limited liability differ?
What will be an ideal response?
A price-discriminating firm charges the highest price to
A) the group with the least elastic demand. B) the group with demand that is unit elastic. C) the group with the largest demand. D) the group with the most elastic demand.
On a production possibilities frontier, the opportunity cost of one more unit of a commodity per time period is measured by the
a. monetary price of the commodity b. amount of the other commodity that must be sacrificed c. amount of unemployed resources that must be used d. amount of satisfaction it gives consumers e. amount of tax paid to government for production, sale, and use of the commodity