Average fixed costs
a. will remain unchanged as output expands.
b. are defined as the change in total costs divided by the change in output.
c. will always increase as output increases.
d. will always decrease as output expands.
D
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An important determinant of the price elasticity of supply is
A) whether the good is a durable or a nondurable. B) the time period firms have to adjust to a new price. C) how well consumers like the commodity. D) the proportion of the consumer's total budget spent on the good.
To attract more bidders, and more aggressive bidders, to your auction
a. withhold relevant information about the value of the object b. don't allow bidders to know how others are bidding c. allow potential bidders ample time to examine the object being sold d. do not hold oral auctions
Briefly explain the three functions of money
Which of the following is the most likely to be a variable factor of production at a university?
A. The location of the university B. The size of the student union C. The number of librarians D. The size of the football stadium