Short-run costs that do not depend on the level of output are
A. total variable costs only.
B. total fixed costs only.
C. both total variable costs and total costs.
D. total costs only.
Answer: B
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A risk averse person has diminishing marginal utility of wealth
Indicate whether the statement is true or false
Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The average cost of the 5th T-shirt is
A) 2. B) 12. C) 52. D) 60.
When Patricia sells her General Motors common stock at the same time that Brian purchases the same amount of General Motors stock from another party, General Motors receives
A) the dollar value of the transaction. B) only the par value of the common stock. C) nothing. D) the dollar amount of the transaction, less brokerage fees.
Derived demand is
A. the demand for goods and services produced by companies using scarce resources. B. a derivative of the demand curve. C. the demand for the factors of production that are used to produce goods and services. D. the demand for advertising to increase the sales of the product.