Fixed costs are best defined as:
a. costs that do not vary with output
b. costs that vary with output.
c. the sum of all marginal costs.
d. the change in total cost when one more unit of output is produced.
a
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Exports are products produced in the home country and sold in another country
Indicate whether the statement is true or false
If the Fed is concerned about inflation, its actions ________ long-term interest rates so that investment ________ and net exports ________
A) lower; increases; decrease B) raise; decreases; decrease C) lower; increases; increase D) raise; increases; increase E) lower; decreases; decrease
In their calculation, concentration ratios take barriers to entry into a market into consideration
Indicate whether the statement is true or false
We are maximizing our utility when the ______ of each good and service we purchase is equal to _______.
A. total utility; its price B. marginal utility; its price C. marginal utility; one D. total utility; one