In the short run it is impossible for an expansion of output to increase:
A. average total cost.
B. average fixed cost.
C. marginal cost.
D. average variable cost.
Answer: B
You might also like to view...
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Excess capacity is the
A) difference between a perfectly competitive firm's and a monopolistically competitive firm's output. B) difference between a perfectly competitive firm's and a monopoly's output. C) output at the maximum point of the ATC curve. D) None of the above answers is correct.
Concerning auctions, what is the definition of a "common-values setting"?
a. Bids are submitted using open outcries. b. Bids are submitted simultaneously, and the highest is selected as the winner. c. Bidders value the object the same, but are uncertain as to what that value is. d. Bids are submitted by syndicates of cooperating bidders.
Extractive industries such as farming, mining, or lumbering typically: a. are considered to be decreasing cost industries
b. are considered to be constant cost industries. c. use only small portions of the total supply of specialized resources. d. are considered to be increasing cost industries.