Average Total Cost is
A. the per unit variable cost of production.
B. the per unit cost of production.
C. the addition to cost associated with one additional unit of output.
D. the per unit fixed cost of production.
Answer: B
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes
If Angus continues to play the bagpipes and Dudley calls the police, the payoffs in the appropriate cell in the payoff matrix would change to A) N/A. B) 550, 100. C) 100, 550. D) The payoffs would not change.
The estimates of the magnitude of government spending increase needed to have ended the 2007-2009 recession in the United States vary, based on the actual size of the expenditure multiplier, and range from
A) $250 million to $1 billion. B) $50 billion to $250 billion. C) $400 billion to $2.5 trillion. D) $5 trillion to $15 trillion.
Which of the following statements is not true? a. If social cost and private cost are the same, any externality that exists will be positive
b. If external costs are not zero, externalities exist. c. If somebody could buy the Pacific Ocean, fewer dolphins would be killed in fishing nets. d. Every production process generates market failure. e. When pesticides are used in producing food, the quantity of food produced is greater than the socially optimal level.
Consumers often purchase products that, afterward, they regret purchasing. This can be explained by
A) consumers trying products to determine if their consumer surplus increases. B) consumers trying products to determine if firm advertising is honest. C) consumers trying to minimize expenditures. D) consumers trying to maximize choice.