As output increases, the slope of the curve showing the firm's average fixed cost is
A) first negative, then positive.
B) first positive, then negative.
C) always negative.
D) always positive.
C
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An essential characteristic of a perfectly competitive market is:
A. goods are standardized. B. sellers are price makers. C. buyers and sellers share market power. D. goods are unique.
If a water-slide park opens to the public in your neighborhood and an admission fee is charged, then the park is a
a. public good b. private good c. good that everyone wants d. nonrival good e. nonexclusive good
From a consumer's point of view, which type of oligopoly is most desirable?
A. Cournot B. Bertrand C. Sweezy D. Stackelberg
Refer to Figure 34.3. The disincentive to work caused by this welfare program
A. Exists at all income levels. B. Ends as soon as any income is earned. C. Ends at $10,000. D. Ends at $5,000 where benefits equal wages.