With expansion in the level of output, total fixed cost:
a. declines but remains positive.
b. increases.
c. falls to zero.
d. remains constant.
e. becomes negative.
d
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Which of the following is a source of market failure?
A) an inequitable income distribution B) unforeseen circumstances which leads to the bankruptcy of many firms C) a lack of government intervention in a market D) incomplete property rights or inability to enforce property rights
The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for computers after technological advances in making computers occur?
A) Graph A B) Graph B C) Graph C D) Graph D
When a price fails to reflect all the benefits of a product, too much of it is produced and/or consumed
a. True b. False Indicate whether the statement is true or false
The gold standard was the major system of exchange rate determination
A. before 1914. B. prior to 1785. C. following World War II. D. until 1971.