The ______ curve determines the shape of the average variable cost and average total cost curves.
a. marginal cost
b. marginal utility
c. cost consumption
d. average fixed cost
a. marginal cost
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A seller's supply curve shows the seller's:
A. opportunity cost of producing an additional unit of output at each quantity. B. profit from producing an additional unit of output at each quantity. C. hourly wage for producing an additional unit of output at each quantity. D. willingness to pay for an additional unit of output at each quantity.
Explain the concepts of consumer surplus, producer surplus, and cooperative surplus
What will be an ideal response?
An assumption behind the infant-industry argument for tariff protection is that
A) foreign competitors are selling output below average cost. B) the domestic industry will be facing an upward adjustment in its average cost. C) the domestic industry will eventually gain a comparative advantage in producing the good. D) the market needs additional competition to satisfy consumer demand.
Which of the following is not a source of comparative advantage?
A) relative abundance of labor and capital B) technology C) climate and natural resources D) a strong foreign currency exchange rate