If a firm's output equals 10, product price equals $5.00, TFC = $8.00, and TVC = $60.00, then AVC would equal
a. $.80
b. $1.00
c. $6.00
d. $60.00
e. $8.00
C
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The collection and analysis of massive amounts of data, with the goal of measuring aspects of people's behavior is referred to as
A) mega processing. B) marginal utility. C) the Internet of Things. D) big data.
When a price ceiling is set below the equilibrium price,
a. the quantity demanded will exceed quantity supplied. b. the quantity supplied will exceed the quantity demanded. c. the quantity supplied will equal the quantity demanded. d. the equilibrium price will fall.
The modern synthesis view of fiscal policy stresses
a. how easy it is to time fiscal policy changes so they exert a stabilizing influence on the economy. b. the ineffectiveness of fiscal policy, even during periods of widespread unemployment. c. the difficulties involved in timing fiscal policy changes so they will exert a stabilizing impact on the economy. d. that automatic stabilizers do not help smooth fluctuations in the economy.
Economics is the study of
A. why some people want certain goods and services. B. the allocation of scarce resources to satisfy unlimited wants. C. ways to use fewer resources. D. earning the most income.