What is the difference between total cost and variable cost in the long run?
What will be an ideal response?
In the short run, total cost = variable cost + fixed cost; but in the long run, total cost = variable cost because there are no fixed costs in the long run.
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The movement to set up a central bank in the United States was spurred by the financial panic that occurred in
A) 1816. B) 1907. C) 1929. D) 1987.
Total production
A) always equals total expenditures. B) equals total expenditures in equilibrium. C) is always greater than total expenditures. D) is always less than total expenditures.
Plastics manufacturers can make either toys or plastic containers. If the prices and profitability of plastic toys increase, then the:
A. Demand for plastic containers will decrease B. Supply of plastic containers will increase C. Demand for plastic containers will increase D. Supply of plastic containers will decrease
________: the monetary amount by which a nation's merchandise imports exceed imports during a given time period, usually one year
Fill in the blank(s) with correct word