The average variable cost curve shifts downward if
A) there is a decrease in fixed costs.
B) there is a technological advance.
C) the cost of a variable input increases.
D) the price of output decreases.
B
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Suppose a sandwich shop currently employs four workers and the shop produces 12 sandwiches an hour. A fifth worker gets hired and the shop now produces 15 sandwiches per hour. Which of the following is true?
A. The marginal product of the fifth worker is three sandwiches. B. The total product of the sandwich shop is now 27 sandwiches. C. Diminishing marginal product has set in. D. All of these are true.
According to the text, producing different brands of essentially the same good is called brand
a. multiplication b. duplication c. amplification d. recognition e. loyalty
In 2011, the poverty line for a family of four in the U.S. was
a. $60,974. b. $23,021. c. $20,988. d. $17,642.
Firms face trade-offs in production, including decisions related to:
A how much of a particular product to produce. B which products to produce. C the best way to produce a given amount of output. D all of the above