Total cost is equal to
a. TFC + TVC.
b. TFC – TVC.
c. TFC/TVC.
d. TVC/TFC.
a. TFC + TVC.
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In perfect competition, all the following situations arise except ________
A. firms produce an identical good or service B. each firm chooses the price at which to sell the good it produces C. firms can sell any quantity they choose to produce at the market price D. buyers know each seller's price
An increase in the growth rate of population in a steady-state economy would cause
A) a parallel shift upward in the investment line. B) a pivot up and to the left in the investment line. C) a pivot down and to the right in the investment line. D) a parallel shift downward in the investment line.
A Major League Baseball player signs a contract that pays $27 million over 5 years. The $27 million is the contract's ________ value.
A. real B. implicit C. external D. nominal
A characteristic found only in oligopolies is
A) break-even level of profits. B) interdependence of firms. C) independence of firms. D) products that are slightly different.