Average variable cost:
a. first tends to decrease, and then increase as output expands.
b. remains unchanged as output expands
c. always increases as output increases.
d. always decreases as output expands.
a
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Refer to Table 14-9. In order to maximize profit, the firm will produce a level of output where marginal cost is equal to
a. $6. b. $7. c. $8. d. $9.
The federal government granted 200 million acres of land to railroads. Which of the following statements presents accurate information about these land grants?
a. The railroads were required to return 1/3 of the profits from the sale of this land to the federal government. b. The alternate section provision allowed state governments to purchase portions of the land grants from the railroads at reduced prices. c. The system of land grant subsidies were difficult to eliminate because of public opposition. d. Congress required railroad companies that received land grants to transport mail, troops and government property at reduced rates.
One concept that behavioral economists use to account for procrastination is:
A. the time inconsistency of our decision-making. B. the fungibility of money. C. thinking inconsistently about prices. D. framing bias.
The corporate tax applies to firms' total revenues
a. True b. False Indicate whether the statement is true or false