Average total cost is
A) total cost divided by the quantity of output produced.
B) total explicit costs divided by the quantity of output produced.
C) variable cost divided by the quantity of output produced.
D) the change in fixed plus variable cost divided by the quantity of output produced.
Ans: A) total cost divided by the quantity of output produced.
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What is the rationale behind a marketable emission allowance scheme?
A) to discipline polluting firms by specifying the maximum amount of emissions allowed and giving them permits to pollute up to their allowance B) to provide firms with the incentive to consider less costly alternatives to pollution reduction by making firms pay for the right to pollute beyond their specified allowance C) to raise revenue for the government through the sale of emission permits and at the same time set an emissions target D) to create a market for externalities: the scheme brings together buyers and sellers of marketable permits
Refer to Figure 28-8. A typical long-run Phillips curve would have the appearance of a curve running through points
A) A and B. B) A and C. C) B and C. D) A, B, and C.
In general, the more money in existence, the better it functions as a store of value
a. True b. False Indicate whether the statement is true or false
In the short run, if the average total cost of producing 4,000 shoes is $10 and the average total cost of producing 7,000 shoes is $9, then the most efficient point of production occurs at a quantity at least as great as 7,000
Indicate whether the statement is true or false