As output increases, total variable cost:
A. increases more rapidly than does total cost.
B. increases continuously at a decreasing rate.
C. increases at a decreasing rate and then at an increasing rate.
D. increases at a constant rate.
Answer: C
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If a curve rises and then falls, it shows a
A) maximum. B) minimum. C) linear relationship. D) constant slope relationship.
Suppose an industry is composed of 10 firms. Each firm's share of total sales in the industry is 10 percent. If two of the firms merge, then the four-firm concentration ratio in the industry is
A) 40 percent. B) 45 percent. C) 50 percent. D) unable to determine.
Brand names are
A) generally not a source of power B) free C) costly D) an enforceable contract
If the inflation rate falls, what will happen to the budget deficit?
a. It will rise, because government spending will rise. b. It will rise, because interest payments will rise. c. It will fall, because tax receipts will increase. d. It will fall, because interest payments will fall.