Fixed costs
A. are zero if a firm produces no output.
B. are total costs minus average variable costs.
C. do not exist in the long run.
D. depend on a firm's level of output.
Answer: C
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The above figure shows the market for DVDs. The government decides that all citizens deserve to watch affordable DVDs so a price ceiling of $12 per DVD is placed on DVDs. After this price ceiling is in effect, producer surplus equals ________
A) $900,000 B) $400,000 C) $200,000 D) $100,000 E) $1,800,000
The longer the time period under study,
a. the more elastic is the price elasticity of demand. b. the less sensitive consumers will be to price changes. c. the less adjustment consumers will make to price changes. d. the more inelastic is the price elasticity of demand. e. the more likely any given price cut will result in a smaller reaction by the consumer.
Net domestic product equals gross domestic product plus depreciation
Indicate whether the statement is true or false
In general, high unemployment is associated with
a) High levels of labour market co-ordination b) Low levels of labour market co-ordination c) Both high and low levels of labour market co-ordination d) Neither high nor low levels of labour market coordination e) Other factors and is unrelated to labour market co-ordination