A graph that maps output against the input required to make that output is called a/an
A. marginal cost function.
B. cost function.
C. average cost function.
D. production function.
Answer: D
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If I voluntarily end my employment, the Bureau of Labor Statistics would consider me to be
A) a job loser. B) a job leaver. C) a discouraged worker. D) a reentrant.
Use the above graph to answer question about the labor resource market faced by producers of good X. What will shift D1 to D2?
If Nike and Adidas are faced with the game in the figure, we can see that:
A. Nike has a dominant strategy, but Adidas does not.
B. Adidas has a dominant strategy, but Nike does not.
C. Neither company has a dominant strategy.
D. Both companies have a dominant strategy.
Average cost
a. is always larger than marginal cost. b. declines for some range of output, hits a minimum, and then increases. c. is always smaller than marginal cost. d. is total cost/price of the product.