Average variable cost is
a. total cost minus fixed cost
b. total variable cost divided by the quantity of output
c. total cost plus marginal cost
d. total cost per unit of output
e. output divided by the quantity of inputs used
B
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"Other things equal, when the price of a good rises, the quantity supplied of the good also rises, and when the price falls, the quantity supplied falls as well.". This relationship between price and quantity supplied
a. is referred to as the law of supply. b. applies only to a few goods in the economy. c. is represented by a downward-sloping supply curve. d. All of the above are correct.
The governmental expense of a farm price support tends to increase as the price of the good rises.
Answer the following statement true (T) or false (F)
If South Korea has an absolute advantage in the production of an item, it must also have a comparative advantage in the production of that item.
Answer the following statement true (T) or false (F)
Refer to Figure 9.7. Before the policy was implemented, consumer surplus was
A) $30. B) $60. C) $45,000. D) $90,000. E) $180,000.