Which of the following will become smaller and smaller as the firm expands output?
a. average total cost
b. average fixed cost
c. marginal cost
d. total fixed cost
B
You might also like to view...
Demand tends to be ________ in the short run than in the long run.
A. less elastic B. more variable C. less important D. more elastic
Pierre can produce either a combination of 20 bow ties and 30 neckties or a combination of 35 bow ties and 15 neckties. If he now produces 35 bow ties and 15 neckties, what is the opportunity cost of producing an additional 15 neckties?
A) 2 bow ties B) 15 bow ties C) 20 bow ties D) 35 bow ties
A decrease in demand, with supply constant, results in a(n)
a. increase in equilibrium price and a decrease in equilibrium quantity b. decrease in equilibrium price and a decrease in equilibrium quantity c. increase in equilibrium price and an increase in equilibrium quantity d. increase in equilibrium price and an ambiguous effect on equilibrium quantity e. decrease in supply
Refer to the graph shown. An effective price floor at Pf imposes a deadweight loss shown by:
A. rectangles B and C. B. rectangle B and triangle E. C. triangles E and F. D. rectangles A and D.