Average total cost is always ____________ average variable cost, but as output rises, the difference between them ____________.
A. greater than; widens
B. less than; widens
C. greater than; narrows
D. less than; narrows
C. greater than; narrows
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Zara is the largest fashion retailer in Europe. Which of the following would not a barrier to entry that protects Zara's market power?
a. two weeks to develop and deliver a new item, as opposed to an industry average of nine months b. 10,000 new designs a year c. stores can restock in a few days d. little advertising e. new fashions distributed twice a week, as opposed to twice a season
Suppose that a binding rent control law is repealed in San Francisco. As a result, we would expect the total number of units rented in the city to a. increase
b. decrease. c. remain unchanged. d. decrease, then increase.
At the federal level, the single most important tax, accounting for slightly less than half of revenue, is the:
A. corporate income tax. B. personal income tax. C. sales tax. D. property tax.
Fixed costs are associated with:
A. the long run only. B. both the short run and the long run. C. highly adjustable inputs such as labor. D. the short run only.