In the short run, average total cost is
A) higher than average variable cost.
B) equal to average variable cost.
C) less than average variable cost.
D) sometimes higher and sometimes lower than average variable cost.
Answer: A
You might also like to view...
Changes in which of the following do NOT affect the natural unemployment rate?
A) the quantity of money B) the minimum wage C) unemployment benefits D) structural change E) the birth rate or other demographic data
Marginal utility is
A. the difference in price between one store and another. B. the difference in value between “some” of a thing and “none” of a thing. C. the difference between any two successive total utility figures. D. acquired only with the first few units of a good or service. E. utility that is barely satisfactory.
If two resources, such as labor and farm machinery, are complementary,
a. one can be used in place of the other b. an increase in the price of one will increase the demand for the other c. an increase in the price of one will increase the supply of the other d. a decrease in the price of one will increase the productivity of the other, which will decrease the demand for that other resource e. a decrease in the price of one will increase the demand for the other
What are the different ways in which firms try to differentiate their product from those of competitors?