In the short run when output is zero, total cost is:
a. equal to total variable cost.
b. greater than total fixed cost.
c. equal to total fixed cost.
d. less than total fixed cost.
e. less than total variable cost.
c
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According to the HRV growth diagnostic framework why is there no "one size fits all" development policy?
What will be an ideal response?
The market price of output affects
a. the supply of the resources used to produce it b. the demand for the resources used to produce it c. the marginal product of the resources used to produce it d. the marginal resource cost of the resources used to produce it e. the total cost of the resources used to produce it
The Cobb-Douglas production function F(L,K) = AL?K? will exhibit decreasing returns to scale when:
A. ? + ? = 1. B. ? + ? < 1. C. ? + ? > 1. D. ? + ? = 0.
If the Fed sells a U.S. Treasury bill to a member of the public, the banking system has
a. less reserves and the money supply tends to fall. b. more reserves and the money supply tends to fall. c. less reserves and the money supply tends to grow. d. more reserves and the money supply tends to grow.