Which of the following is the formula for total cost?
a. TC = ATC x MC
b. TC = ATC ÷ MC
c. TC = MC ÷ q
d. TC = ATC x q
d. TC = ATC x q
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The Rule of ________ can be used to calculate the number of years that it takes for the level of a variable to ________
A) 20; double B) 70; triple C) 70; double D) 20; triple E) thumb; double
Suppose there are 100 identical firms in the rag industry, and each firm is willing to supply 10 rags at any price. The market supply curve will be a(n)
A) vertical line where Q = 10. B) vertical line where Q = 100. C) vertical line where Q = 1000. D) horizontal line where Q = 1000.
Additional economic growth should be pursued when:
A. scarcity exists. B. new technologies are discovered. C. the marginal costs of growth exceed the marginal benefits. D. the marginal costs of growth are less than the marginal benefits.
Economic models are used to
A) simplify reality to predict outcomes. B) exactly replicate reality. C) predict all possible outcomes of a study. D) determine the thoughts of individuals.