A firm’s long-run average total cost curve is typically ______ than its short-run average total cost curves.
a. equal to or lower than
b. equal to or higher
c. higher by a fixed amount
d. lower by a fixed amount
a. equal to or lower than
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Which of the following statements is true?
A) When a nation has an absolute advantage over other nations in producing all the goods and services, it cannot gain from trade. B) Absolute advantage relates to production per units of inputs and comparative advantage involves the opportunity cost of producing different goods. C) When a nation has an absolute disadvantage over other nations in producing a good, it cannot gain from trade. D) Absolute advantage involves the opportunity cost of producing different goods and comparative advantage relates to production per units of inputs.
Which of the following statements best summarizes the essence of public choice analysis? a. Public choice analysis applies economic principles to political science issues
b. Public choice analysis applies political science principles to traditionally economic issues. c. Public choice analysis assumes that government leaders are primarily motivated by what is best for the community, unlike private interest groups. d. none of the above
Bill can cook dinner in 45 minutes and mow the lawn in 1.5 hours. Eileen can cook dinner in 1.5 hours and mow the lawn in 2 hours. Bill's opportunity cost of mowing the lawn is
a. 1/2 of a dinner b. 2 dinners c. 3/4 of a dinner d. 1-1/3 dinners e. 2-2/3 dinners
In determining how much labor union workers will offer, the union concerns itself mainly with the
A. Marginal wage curve. B. Market wage curve. C. Labor demand curve. D. Marginal revenue product curve.