A short-run total cost schedule is a ________ cost schedule shifted upward by the amount of ________ cost.
A. total variable; total fixed
B. marginal; total variable
C. total fixed; marginal
D. total variable; marginal
Answer: A
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Describe the relationship between the marginal and average products of labor as the employment of labor increases in the short run
What will be an ideal response?
The supply and demand model assumes
A) no buyer or seller can unilaterally influence the price of the product. B) each unit sold is sold at the same price. C) suppliers and demanders know the price of the product. D) All of the above.
Which of the following is NOT a stage of development that modern rich nations have gone through?
A) service stage B) agricultural stage C) manufacturing stage D) inflation stage
Under perfect competition, if an industry is characterized by positive economic profits in the short run
a. firms will leave the market in the long run and the short-run supply curve will shift outward. b. firms will enter the market in the long run and the short-run supply curve will shift outward. c. firms will enter the market in the long run and the short-run supply curve will shift inward. d. firms will leave the market in the long run and the short-run supply curve will shift inward.