Which statement is not true regarding the total variable cost curve?
A. It shows the variable cost of production given current factor prices.
B. It is a horizontal line.
C. It increases as output increases.
D. It starts at the origin.
Answer: B
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Which of the following statements is TRUE?
A) A Cobb-Douglas production function can have different returns to scale at different output levels. B) It is impossible to have increasing returns to scale for one output level, and decreasing returns to scale for a different output level. C) It is possible to have increasing returns to scale for one output level, and decreasing returns to scale for a different output level. D) None of the above.
In a market where firms are able to reduce their private costs by shifting costs onto others, which of the following will not happen? a. Inefficiencies will occur
b. Negative externalities will be observed. c. The market prices of products produced by firms will be too low relative to the social optimum. d. Output of the good being produced will be too low.
Which concept do some scholars use to explain the growth in free trade after World War II?
a. regionalization b. voluntary export restraint c. embedded liberalism d. hegemonic stability
The demand for money curve shows that there is an inverse relationship between the quantity of money demanded and the:
A. quantity of money supplied. B. gross domestic product (GDP). C. price level. D. interest rate.