If the firm in the above figure produces output level D, it incurs an average fixed cost of production equal to the distance
A) DK.
B) RN.
C) JL.
D) KR.
D
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If a country begins to import more of a commodity, one can normally expect the price of the commodity to
A. remain unchanged in that nation. B. rise and then fall below where it was originally. C. rise in that nation. D. drop in that nation.
Markets can fail to achieve efficiency when
a. there are prices consumers do not think are fair. b. there are wages workers do not think are fair. c. trade puts people out of work. d. there are public goods.
An association of workers that presents itself as a single seller of labor on the labor market is called a
a. monopsony b. monopoly c. labor union d. minimum wage e. labor supply curve
When the actual rate of inflation is less than the expected rate:
A. the unemployment rate will temporarily rise. B. firms will increase their output to recoup their falling profits. C. the unemployment rate will temporarily fall. D. firms will experience rising profits and thus increase their employment.