The total fixed cost curve:
A. varies with the quantity of inputs used.
B. decreases with output.
C. increases with output.
D. remains constant regardless of output.
Answer: D
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A command system is a
A) method of organizing production that uses a market-like mechanism inside the firm. B) method of organizing production that uses a managerial hierarchy. C) set of rules that induce an agent to act in the best interest of a principal. D) method of production that implements an assembly-line process.
A firm in monopolistic competition can determine what price to charge for its product because of
A) barriers to entry. B) economies of scale. C) product differentiation. D) the fact there are many buyers.
In a closed economy, Y - C - G equals _____. The variable Y is _____, C is _____, and G is _____
Fill in the blank(s) with correct word
In ________ monopolistically competitive equilibrium, there will be neither economic profits nor losses.
A. both short-run and long-run B. neither short-run nor long-run C. long-run D. short-run