Average fixed cost is equal to
A) the amount of total cost that does not change as output changes in the short run.
B) fixed cost divided by the quantity of output produced.
C) average total cost plus average variable cost.
D) fixed cost multiplied by the quantity of output produced.
B
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Refer to Edgeworth Box Economy. The initial holdings of an individual in an Edgeworth box is referred to as
a. the contract point. b. the endowment point. c. the Pareto preferred point. d. the competitive equilibrium point.
Our ______ summarizes our transactions involving the international exchange of goods and services, investment income, and other miscellaneous transactions.
Fill in the blank(s) with the appropriate word(s).
Under the theory of rent-seeking, a monopoly will spend valuable resources to guarantee its monopoly position
Indicate whether the statement is true or false
Which of the following would be included in the calculation of gross domestic product?
a) government purchase of a new submarine b) Social Security payment to a retired military officer c) the purchase of a home built 10 years ago d) contributions to a charity organization e) a barber cutting the hair of his own children