As output increases, total cost ________, total fixed cost ________, and total variable cost ________
A) increases; increases; increases
B) increases; increases; does not change
C) increases; does not change; increases
D) does not change; increases; increases
C
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The central idea behind comparative advantage is that a nation should
A. specialize in the product that it can produce with the lowest opportunity cost. B. compare its market economy with other nations. C. use money as a medium of exchange to facilitate specialization and trade. D. pursue investment in capital goods as a means of stimulating economic growth.
In a game theory model, how is Nash equilibrium achieved?
What will be an ideal response?
Which of the following would decrease the current account balance of the United States?
A) a decrease in the amount of money the U.S. government sends in foreign aid to other countries B) a decrease in imports C) a decrease in the amount of income U.S. companies pay out to foreigners who own investments in the U.S. D) a decrease in the balance of trade
High inflation can spiral out of control when
A) expected inflation increases nominal interest rates, causing the Fed to buy bonds, increasing the money supply and further increasing inflation. B) expected inflation decreases nominal interest rates, causing the Fed to buy bonds, increasing the money supply and further increasing inflation. C) expected inflation increases nominal interest rates, causing the Fed to sell bonds, increasing the money supply and further increasing inflation. D) expected inflation decreases nominal interest rates, causing the Fed to sell bonds, increasing the money supply and further increasing inflation.