Total cost is calculated as
A. the sum of total fixed cost and total variable cost.
B. the sum of average fixed cost and average variable cost.
C. the product of average total cost and price.
D. the sum of all the firm's explicit costs.
Answer: A
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Currency includes
a. paper bills and coins. b. demand deposits. c. credit cards. d. Both (a) and (b) are correct.
In a market economy, every real transaction has a corresponding:
A. financial liability. B. real asset. C. financial transaction. D. real liability.
If there are four firms in an industry and each has a 25 percent market share, then the Herfindahl-Hirschman Index equals
A. 2,500. B. 2,800. C. 5,000. D. 6,600.
If the exchange rate measured in euros per dollar increases, then
A) the dollar depreciates relative to the euro. B) the euro appreciates relative to the dollar. C) the euro depreciates relative to the dollar. D) neither currency appreciates or depreciates.