Average total cost is found by dividing
A. variable cost by output.
B. output by variable cost.
C. total cost by output.
D. output by total cost.
C. total cost by output.
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Suppose that there is not enough parking at an urban university. Sometimes students come to campus, spend a few minutes searching for a parking spot, and then decide that going to class isn't worth the effort of continuing to search for a parking spot, so they go home. Assume that all professors give midterm exams on the same day. You would expect the optimal amount of time spent searching for a parking spot on that day to ________ because ________.
A. decrease; the marginal benefit of search is lower B. increase; the marginal cost of search is lower C. decrease; the marginal cost of search is higher D. increase; the marginal benefit of search is higher
The economic cost of unemployment is the loss of potential output which can never be realized
a. True b. False Indicate whether the statement is true or false
If competition is viewed as a dynamic process, then firm size should not be a primary concern and antitrust policy should not necessarily aim at increasing the number of firms in an industry
Indicate whether the statement is true or false
In response to the sharp decline in stock prices in October 1987, the Federal Reserve
a. increased the money supply and increased interest rates. b. increased the money supply and decreased interest rates. c. decreased the money supply and increased interest rates. d. decreased the money supply and decreased interest rates.