Refer to Figure 8.1, which shows a family of average cost curves. The average total cost curve is represented by:
A. Curve 1.
B. Curve 2.
C. Curve 3.
D. the vertical sum of curve 1 and curve 2.
Answer: A
You might also like to view...
The American Revolution, the Civil War (1861–65) and World War I (1914–18)
(a) diverted U.S. resources from peace-time, private uses and toward war-related uses. (b) encouraged the efficient allocation of resources. (c) increased long-term investment opportunities. (d) resulted in the excessive contraction of money to finance war efforts.
Refer to Scenario 14.2. What is the marginal revenue product of the 4th worker?
A) 20 B) 25 C) 30 D) 32.5 E) 35
Intense market competition is ________ for consumers, since it_______
a. Bad; erodes producer surplus b. Bad, increases variety in the market c. Good, increases the price level in the market d. Good; decreases the price level in the market
A demand curve is described as perfectly elastic if
A. any quantity can be sold at a given price. B. the same quantity is sold regardless of price. C. neither price nor quantity demanded ever change. D. only price can change.