The vertical distance between total cost curve and total variable cost curve is equal to
A) average fixed cost.
B) total fixed cost.
C) average variable cost.
D) average total cost.
E) marginal cost.
B
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If individuals who sit in the back of the classroom receive lower grades on average than the rest of the class, does that mean that sitting in the back of a classroom causes one to perform poorly on exams? a. Not necessarily. The reoccurrence of a certain relationship between two variables does not necessarily imply causation. b. It is not possible for an economist to determine causation
between variables. c. The reoccurrence of such a relationship is sufficient evidence that sitting in the back of a classroom will lead to lower grades. d. none of the above
Interest is
a. the price paid for early availability of funds. b. the risk of extending a loan. c. an unnecessary premium charged for the use of money. d. the price one must pay when she does not save.
The consumption function shows the relationship between
a. planned consumption expenditures and disposable income. b. permanent income and savings. c. business inventory and real GDP. d. aggregate demand and aggregate consumption.
What is the correct definition for mutual interdependence?
a. when a firm shapes its policy with an eye to the policies of competing firms b. when an oligopolistic firm has control over an important input c. when a small firm in an industry sells all it wants at the market price d. when substantial numbers of firms are present in an industry