A total cost curve shows the ________ of producing each level of output.
A. optimal input combination
B. maximum cost
C. minimum cost
D. marginal cost
Answer: C
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In the market for international loans, most countries, including the United States, are net borrowers
Indicate whether the statement is true or false
The distribution of income in a market economy is primarily determined by differences in
a. effort and sacrifice and intelligence with the most important factor being intelligence since human capital is a resource b. the level of needs of the average or median income individual when selling her labor c. resource ownership and the value that resources buyers place on the resources that are sold in the marketplace d. the level of government intervention in the economy as it relates to job openings e. the amount of time that an individual spends working and the intensity of this effort
Two nations with differing comparative advantages will be able to consume more if they specialize and trade with each other than if they did not specialize or trade with each other.
Answer the following statement true (T) or false (F)
Which of the following would shift a nation's production possibilities frontier inward?
A) an increase in the unemployment rate B) producing more capital equipment C) a law requiring workers to retire at age 50 D) discovering a cheap way to convert sunshine into electricity