Average total costs are defined as
A) total costs divided by the change in output.
B) total costs divided by output.
C) the change in total costs when output changes.
D) average variable costs plus marginal costs.
B
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Anthropogenic pollutants
a. arise from natural processes in nature, like particles from volcanic eruptions b. are contaminants linked to human activity c. are those released only from nonpoint sources d. are of minimal concern to environmental economists
Define subsistence level. What happens if the income in an economy exceeds the subsistence level in Malthus cycle?
What will be an ideal response?
Long-run market supply curves are upward sloping if
A) firms are identical. B) the number of firms is restricted in the long run. C) input prices fall as the industry expands. D) All of the above.
An industry has five firms, each with a market share of 20 percent. There is no foreign competition, entry into the industry is difficult, and no firm is on the verge of bankruptcy. If two of the firms in the industry seek to merge, this action would most likely be opposed by the government because the Herfindahl index for the industry is:
A. 2000 and the merger would increase the index by 500 B. 2000 and the merger would increase the index by 800 C. 2500 and the merger would increase the index by 500 D. 2500 and the merger would increase the index by 1200