Average variable cost is defined as:
A. total cost divided by total output.
B. variable cost divided by total output.
C. variable cost divided by price.
D. total cost divided by number of workers.
Answer: B
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A trend is
A) a measure of closeness on a scatter diagram. B) a general tendency for a variable to rise or fall. C) the maximum value of a variable. D) the minimum value of a variable. E) the difference between the maximum value of a variable and the minimum value of the variable.
In a first-price sealed-bid auction, the ________ bidder wins the good being auctioned
A) lowest B) second-highest C) highest D) first
The above figure shows a graph of the market for pizzas in a large town. Suppose that concern over dietary habits has led the government to impose a restriction that limits suppliers to produce only 40 pizzas
As a result, for prices greater than $7, the A) supply curve is unchanged. B) supply curve is vertical. C) demand curve becomes vertical. D) demand curve becomes horizontal.
Each of the three major waves in 19th-century railroad construction ended due to:
a. major financial crises in the U.S. b. the involvement of the U.S. in a military conflict. c. labor unrest that led to work stoppages. d. shortage of iron.