Fixed costs plus variable costs:
a. increasing marginal returns
b. total cost
c. marginal revenue
d. marginal product of labor
e. marginal cost
Ans: b. total cost
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Which of the following statements is FALSE?
A) Saving helps create economic growth. B) Improvements in quality of education are important for economic growth. C) Free international trade helps create economic growth. D) Faster population growth is the key to growth in real GDP per person. E) Economic freedom requires property rights.
Suppose there is an unusually large crop of apples this year. How might this affect the market for apples?
A. The demand would increase, increasing both equilibrium price and quantity. B. The supply would increase, decreasing equilibrium price and increasing equilibrium quantity. C. The demand would decrease, decreasing both equilibrium price and quantity. D. The supply would decrease, increasing equilibrium price and decreasing equilibrium quantity.
The price of $4 in the graph above represents
A. a price floor.
B. a price ceiling.
C. either a price floor or a price ceiling.
D. neither a price floor nor a price ceiling.
In the 1990's Ireland made unemployment benefits less generous. This change would likely have reduced
a. both structural unemployment and the natural rate of unemployment. b. structural unemployment but not the natural rate of unemployment. c. both frictional unemployment and the natural rate of unemployment. d. frictional unemployment but not the natural rate of unemployment.