The vertical distance between the average total cost curve and the average variable cost curve at any given output level equals average fixed cost at that particular output level
a. True
b. False
Indicate whether the statement is true or false
True
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Kyle and Stan are playing Odds or Evens, where Kyle is designated as the "odd" player and Stan is designated as the "even" player. They decide to play the game 10 times. Kyle's ideal mixture is to
A) "shoot 1" every time since he is the "odd" player. B) "shoot 2" every time since Stan is the "even" player. C) "shoot 1" 50% of the time and "shoot 2" 50% of the time. D) Kyle's ideal mixture depends on Stan's ideal mixture.
The fact that you may not know who your congressional representative is represents
A) rational ignorance on your part. B) the rival nature of information. C) inefficient oversupply of public servants. D) the use of the median voter theorem.
If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, we would expect the labor-demand curve to shift to the:
A. left and wages would rise. B. left and wages would decrease. C. right and wages would rise. D. right and wages would decrease.
In the Standard Oil antitrust case in 1911, the Court ruled that the:
A. company had to be disbanded. B. company was guilty of unfair business practices and therefore should be broken up. C. company had a monopolistic structure and therefore should be broken up. D. Sherman Antitrust Act did not apply.