Which of the following statements is correct?
A. TC = TFC - TVC
B. TC = average physical product - marginal physical product
C. TC = TFC + TVC
D. TC = average product + marginal product
Answer: C
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The lowest percentage of the U.S. population in poverty is found when using which measurement of household resources?
A) private income only B) private income plus cash benefits C) private income with cash and in-kind benefits D) private income with Social Security payments subtracted
Capital expenditures:
a. are easily reversible b. are forms of operating expenditures c. Affect long-run future profitability d. Involve only money, not machinery e. none of the above
For firms that sell one product in a perfectly competitive market, average revenue will:
A. increase if marginal revenue is greater than it. B. decrease if marginal revenue is greater than it. C. always be the same as marginal revenue. D. always be greater than average total cost.
Other things held constant, private disposable oncome would increase if
A. Taxes increase B. Government transfers increase C. Consumption increases D. Government purchases increase.