Average cost is
a. Total variable cost divided by total units produced
b. Total fixed cost divided by total units produced
c. Total cost divided by total units produced
d. Equal to marginal cost
c
You might also like to view...
A perfectly competitive firm would be willing to remain in the industry in the long run at zero economic profit because
a. its total revenues would be positive. b. accounting profit would be negative. c. revenue is equal to all costs, including the opportunity cost of capital and labor. d. its fixed costs would prevent it from leaving the industry.
Which of the following was a key belief of Adam Smith?
a. he felt that human goodness would provide adequate goods and services to everyone. b. he stressed that limited exchange and command economies would prevent the exploitation of the poor. c. he believed that individuals pursuing their own interests would direct economic activity in the most advantageous way. d. he lectured about the importance of gold and silver in providing a stable monetary system.
Compared to the averages for post World War II recessions, the recession of 2007-2009 was ________ in duration and the decline in real GDP was ________
A) longer; greater B) longer; smaller C) shorter; greater D) shorter; smaller
Before its IPO, Snap, the parent firm of Snapchat, was an example of a private firm. As a private firm, Snap was
A) not subject to government regulations and taxation. B) run by stockholders and a board of directors. C) run by its founders, Evan Spiegel and Bobby Murphy. D) not legally allowed to raise funds through venture capital firms.