If average cost is falling, marginal cost must also be falling.
Answer the following statement true (T) or false (F)
False
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In the above figure, at point b on the demand curve, a price cut of one dollar will
A) increase total revenue. B) decrease total revenue. C) leave total revenue unchanged. D) have an indeterminate effect on total revenue.
A firm will continue to produce if total revenue is greater than total variable cost even if total revenue is less than fixed cost
a. True b. False
Julia invested $3,000 at an annual interest rate of 5 percent. From last year to this year, there has been a 4 percent inflation rate. After a year, the purchasing power of her investment _____.
(A) Is 4 percent (B) Is 5 percent (C) Rose by 1 percent (D) Fell by 1 percent
Economic profit can be calculated as
A. total revenue - fixed costs. B. total revenue - implicit costs. C. total revenue - explicit costs. D. total revenue - explicit costs - implicit costs.