________ is the average cost of producing each unit of output.
A. Average total cost
B. Average variable cost
C. Marginal cost
D. Average fixed cost
Answer: A
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Monopolistic competition differs from oligopoly in that in monopolistic competition firms act independently while in oligopoly firms act interdependently
Indicate whether the statement is true or false
As the number of firms in an oligopoly becomes very large, the price effect disappears
a. True b. False Indicate whether the statement is true or false
An economist estimates the value of a nature preserve by calculating the price premium people pay for houses located adjacent to the preserve. This is an example of what type of economic valuation?
a. Hedonic pricing b. Production function valuation c. Contingent valuation d. Travel cost method e. Engineering cost valuation
Suppose the interest parity condition holds. Also assume that the one-year interest rate in the United States is 6% and that the one-year interest rate in Canada is 6%. What does this imply about the current versus future expected exchange rate (for the U.S. and Canadian dollars)? Explain
What will be an ideal response?