The average fixed cost of a firm equal:
a. implicit costs divided by output.
b. explicit costs divided by output.
c. total cost minus variable cost.
d. total cost minus total variable cost divided by output.
d
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A tax rate system characterized by higher marginal tax rates as income increases is known as
A. a regressive tax system. B. a flat-rate tax system. C. a proportional tax system. D. a progressive tax system.
After two rounds of quantitative easing, the money supply was:
A. $2 trillion, still less than the amount pre-crisis. B. $2 trillion, nearly double the amount pre-crisis. C. $1 trillion, nearly the same as the amount pre-crisis. D. $3 trillion, more than triple the amount pre-crisis.
What resources can a firm change in the short run? In the long run?
What will be an ideal response?
Compared with a perfectly competitive market with similar cost conditions, a monopolist will have:
a. a higher output and a lower price. b. a lower output and a lower price. c. a higher output and a lower price. d. a lower output and a higher price. e. equal output and a higher price.