The average variable cost curve is a mirror image of the:
A. average product curve.
B. total product curve.
C. marginal product curve.
D. marginal cost curve.
Answer: A
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If a cartel firm is producing a quantity at which the marginal revenue is $2 and the marginal cost is $2, the firm ________.
A) is producing less than the agreed upon quantity B) has erected a barrier to entry C) is producing the agreed upon quantity D) has acted in self-interest
The marginal product of labor measures: a. the total amount of output produced by all workers combined
b. the quantity of an intermediate product that is combined with labor to produce output. c. the amount of output an additional worker contributes to a firm's total output. d. the average productivity of workers hired by a firm.
Which of the following statements about GDP is true?
a. The value of GDP per capita of an economy does not reflect the equality of distribution of income among the population in the economy. b. The value of GDP per capita of an economy reflects the equality of distribution of income among the population in the economy. c. A high level of GDP in an economy states that the standard of living of the people in the economy is also high. d. As GDP per capita rises, the gap between the incomes of the top 5 percent of the population and the bottom 5 percent necessarily decreases.
Which of the following statements is true for the U.S. economy?
a. Higher wages in the unionized sectors of the economy push up wages in the nonunion sectors as well. b. Inflation tends to accelerate when the proportion of the labor force that is unionized increases. c. Union workers currently receive wages that are 15 to 20 percent higher, on average, than similar nonunion workers. d. When we compare similar union and nonunion workers, we find virtually no difference in the wages they receive.