The difference between average total costs and average variable costs is:
A. marginal cost.
B. fixed cost.
C. average fixed cost.
D. None of the statements is correct.
Answer: C
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Given the production function q = 4L + K, what is the marginal product of labor when capital is fixed at 50?
A) 54 B) 4 C) 50 D) 250
Aggregate expenditure is the sum of
a. all types of spending by households and firms b. spending and savings by households c. spending by households and governments on final goods and services d. spending by households, government, firms, and foreigners on final goods and services e. all spending and saving by households, firms, and governments
A vertical line always has a slope of one
a. True b. False Indicate whether the statement is true or false
Give a scenario that shows how a situation could develop in which firms would NOT want to enter or exit a monopolistically competitive industry.
What will be an ideal response?