Which one of the following types of cost declines over the whole range of output?
a) total fixed cost
b) marginal cost
c) average fixed cost
d) average variable cost
e) total variable cost
Ans: c) average fixed cost
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Discuss the theory of the ability-to-pay principle
What will be an ideal response?
Using a commitment strategy in:
A. a simultaneous game can alter payoffs, but has no effect in sequential games. B. a simultaneous game has no effect, but can alter the payoffs and outcome of sequential games. C. either a simultaneous or sequential game has little impact on payoffs or outcome. D. either a simultaneous or sequential game can greatly alter the payoffs and outcome of the game.
The practice of making choices using generalizations based on observable characteristics like race, gender, or age is called:
A. discrimination. B. conditional cash transfers. C. means-testing. D. None of these is true.
Based on the graph showing the run-up of nominal home prices, home prices first began a long upward trend in the ______.
a. 1910s
b. early 1930s
c. 1940s
d. early 1990s