A linear total cost function implies that:
a. marginal costs are constant as output increases
b. average total costs are continually decreasing as output increases
c. a and b
d. none of the above
c
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Why do we need a units-free measure of the responsiveness of the quantity supplied of a good or service to a change in its price?
What will be an ideal response?
Which of the following is an example of money illusion?
A) An individual is willing to work more hours when the nominal wage rises by 10 percent and the overall price level rises by 5 percent. B) An individual is willing to work more hours when the nominal wage rises by 10 percent and the overall price level rises by 20 percent. C) An individual will neither increase nor decrease the number of hours she is willing to work when the nominal wage rises by 10 percent and the overall price level rises by 10 percent. D) none of the above
The Navigation Acts:
a. placed tariffs on the import of British goods by the colonies. b. prohibited trade between the British West Indies and the colonies. c. allowed colonial trade on British ships commanded by foreign captains. d. encouraged trade between the colonies and the Dutch. e. None of the above is correct.
Over the last century,
A. hours worked have increased as wages have increased. B. hours worked have decreased as wages have increased. C. hours worked have increased as wages have decreased. D. hours worked have decreased as wages have decreased