The total cost of production equals
a. average total cost + average variable cost
b. average total cost + average fixed cost
c. average variable cost + average fixed cost
d. total fixed cost + total variable cost
e. marginal cost + total variable cost
D
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The table above shows the marginal costs and marginal benefits of college education. With public provision of the efficient amount of college education, the cost paid by the taxpayers is
A) zero. B) $8,000 per student. C) $4,000 per student. D) $12,000 per student.
Explain how and why economists might hold different opinions about using a national sales tax.
What will be an ideal response?
Use the following graph to answer the next question.
Which of the following changes will shift AD1 to AD2?
A. A shrinkage in the value of stocks and other financial assets B. An increase in the value of the dollar relative to other currencies C. An increase in real interest rates D. A decrease in personal and business taxes
The Commodity Credit Corporation is a buyer of last resort for selected farm products.
Answer the following statement true (T) or false (F)