The total cost curve
A. is parallel to the total fixed cost curve.
B. is a horizontal line.
C. increases at a decreasing rate due to diminishing returns.
D. is parallel to and above the total variable cost curve.
Answer: D
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Gross domestic product (GDP) is the ________ in a given time period
A) value of personal consumption expenditures, gross private domestic investment, and federal government expenditures B) sum of wage and salary compensation of employees and corporate profits C) value of all final and intermediate goods and services produced by the economy excluding those goods exported to foreign nations D) market value of final goods and services produced by the economy
Would a change in the price of in-line skates cause a change in the supply of in-line skates? Why or why not?
What will be an ideal response?
A natural monopoly results when a firm has
a. a license b. a patent c. official approval to produce a product d. decreasing average costs over the range of market demand e. exclusive use of a natural resource
The production possibility frontiers of Northland and Southland are given. Without trade, Northland produces and consumes 20 apples and 5 bananas and Southland produces and consumes 10 apples and 40 bananas. Could they increase their consumption bundle by optimizing production and trading?NorthlandSouthlandApplesBananasApplesBananas300300205202015101040015060
A. Yes, they could gain 75 bananas and 60 apples. B. Yes, they could gain up to 60 apples without losing bananas. C. No, Southland does at least as well at producing both, so it would have no incentive to trade. D. Yes, they could gain up to 15 bananas without losing apples.