Fixed costs plus variable costs equal:
A. marginal costs.
B. average costs.
C. average total costs.
D. total costs.
Answer: D
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Which of the following is an example of a perfectly competitive industry?
a. Automobile b. Advertising c. Commodity d. Pharmaceutical
Suppose that consumers expect that the price of a product will increase in the future. The result is that:
A. the current demand for the product increases. B. the current demand for the product decreases. C. the current supply of the product increases. D. the current supply of the product decreases.
An association of producers in an industry that agree to set common prices and output quotas to prevent competition is
A) a tariff. B) a patent. C) economies of scale. D) a cartel.
For a wheat farmer in the middle of harvesting system, a fixed input would be
A. the land that had been planted. B. trucks rented to haul the wheat. C. workers hired. D. combines rented.