The shape of short-run variable cost curve is determined by
a. the firm's effort to minimize cost
b. the firm's effort to maximize profit
c. competition in the industry
d. the marginal productivity of the variable inputs the firm uses
e. the money the firm spends
D
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Recessions begin at ________ and end at ________.
A. a peak; a trough B. the highest unemployment rate; the lowest unemployment rate C. a trough; a peak D. the lowest unemployment rate; the highest unemployment rate
________ cost is defined as a cost of production that does not entail a direct money payment
A) An explicit B) An implicit C) A total D) A fixed E) A marginal
When do new firms enter a perfectly competitive market? When does entry stop?
What will be an ideal response?
Assume Bill's income to spend on the two goods in the graph shown is $48, and movie tickets cost $8. If Bill's budget constraint is one of the lines in the graph, which one must it be?
A. A
B. B
C. C
D. It could be line A or B.