Total variable costs:
a. Increase when quantity produced increases
b. Decrease when quantity produced increases.
c. Sometime increase and sometime decrease when quantity produced increases.
d. Can sometimes be constant over a substantial range of output.
a
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Tastes for perfect complements are both homothetic and quasilinear.
Answer the following statement true (T) or false (F)
If firms in a monopolistically competitive industry are making an economic profit, then definitely there is
A) a leftward shift in each firm's demand curve as new firms enter the market. B) a rightward shift in each firm's marginal revenue curve as new firms enter the market. C) an upward shift in each firm's cost curves as new firms enter the market. D) All of the above answers are correct.
If a household has $40,000 in taxable income and its tax liability is $20,000, the household's average tax rate is
a. 10 percent. b. 25 percent. c. 40 percent. d. 50 percent
The greater the required reserve ratio, the:
A. higher is the spending multiplier. B. lower is the spending multiplier. C. lower is the monetary multiplier. D. higher is the monetary multiplier.