The average total cost of a firm is calculated by:
a. dividing total cost of the firm by the quantity of output produced
b. multiplying the total cost of the firm by the quantity of output produced.
c. dividing the total cost of the firm by the price of its output.
d. multiplying the total cost of the firm by the price of its output.
a
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At a level of output equal to the economy's potential, the simple spending multiplier in the long run equals one
a. True b. False Indicate whether the statement is true or false
?Which of the following is true of time series data?
A. ?The time series data is easier to analyze than cross-sectional data. B. ?The time series data are independent across time. C. ?The chronological ordering of observations in a time series conveys potentially important information. D. ?A time series data set consists of observations on a variable or several variables at a given time.
Why do some firms price discriminate? Relate your answer to the common practice of public colleges charging lower tuition to in-state students and higher tuition to out-of-state students
What will be an ideal response?
Because resources are not perfectly adaptable to the production of both good A and good B,
a. the opportunity cost of A increases as production of A increases b. the opportunity cost of A decreases as production of A increases c. it is impossible for the economy to produce both A and B d. the opportunity cost of A is constant e. the opportunity cost of B is constant