The average total cost of production
A) is the extra cost required to produce one more unit.
B) equals the explicit cost of production.
C) equals total cost of production divided by the level of output.
D) equals total cost of production multiplied by the level of output.
Answer: C
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Most economists agree that some of the burden of the corporate income tax
A) is shared by the federal government. B) is reduced because the tax is used to attain a social objective. C) is reduced because the tax is progressive. D) is passed on to consumers in the form of higher prices.
The game in the figure shown is a version of:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. the prisoner's dilemma.
B. the first-mover advantage.
C. a sequential game.
D. a repeated game.
Labor productivity growth in the United States during the 1973–1995 period could be explained by a ____ slowdown.
A. labor force B. capital formation C. technological D. population growth
Adverse selection occurs when an agreement encourages undesirable behavior
Indicate whether the statement is true or false