Total cost refers to
A. the fixed costs of production.
B. the sum of average fixed cost and average variable cost.
C. the full economic costs of production.
D. the explicit costs of production.
Answer: C
You might also like to view...
Refer to Table 1-6. What is Ivan's marginal cost if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $25 D) $91.67
When the absolute price elasticity of demand equals 0.67, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
If a tax did not induce buyers or sellers to change their behavior, it would not cause a deadweight loss
a. True b. False Indicate whether the statement is true or false
What happens to aggregate demand when government spending and the taxes to pay for it both rise by the same amount?
A. There is no effect. B. Aggregate demand rises by the amount of the government spending times the multiplier. C. Aggregate demand rises by the amount of the government spending. D. Aggregate demand falls by the amount of the government spending.