The average variable cost curve slopes upward with a higher rate of output in the short run because of
A. Implicit but not explicit costs.
B. The shape of the average fixed cost curve.
C. The effect of diminishing returns.
D. Diseconomies of scale.
Answer: C
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U.S. exports of goods and services flow to households and firms in ________, and U.S. financial inflows of capital flow to households and firms in ________
A) the rest of the world; the United States B) the rest of the world; the rest of the world C) the United States; the United States D) the United States; the rest of the world E) the United States; the rest of the world and the United States
Which of the following is a TRUE statement about monopoly and perfect competition?
A) Price is always higher and output higher under monopoly than under perfect competition. B) Because costs do not depend on market structure, price is usually higher and output is always lower under monopoly than perfect competition. C) If there are substantial economies of scale, price may be lower and output greater under monopoly than under perfect competition. D) If there are substantial economies of scale, price may be lower and output greater under monopoly than under perfect competition, and price may be below marginal cost instead of equal to marginal cost.
Which among the following does not determine the shape of the demand curve for a good under different market structures?
a. Number of substitutes in the market b. Importance of the good in a consumer's budget c. Cost structure of the firm d. Price-elasticity of demand e. The length of time being considered
The Kyoto Protocol expired in
a. 2011 b. 2012 c. 2020 d. none of the above