A point on a total variable cost curve shows the ________ variable cost a firm will bear to produce a certain output.
A. change in
B. average
C. lowest
D. highest
Answer: C
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Can a perfectly competitive firm make an economic profit in the short run? Can it incur an economic loss?
What will be an ideal response?
Transactions costs are defined to be the:
A. costs a buyer or seller incurs to make a transaction take place. B. taxes they pay when purchasing a good or service. C. fees they are charged if they purchase a good or service on credit. D. costs a buyer faces if they re-sell a good or service.
Economic analysis assumes that
A) individuals act only out of selfish motives. B) people are basically altruistic, and their actions are, therefore, impossible to predict. C) changes in the personal benefits and costs associated with a choice will exert a predictable influence on human behavior. D) although individuals are at times selfish and at times altruistic, only their selfish actions may be predicted.
If an increase in the price of some goods outweighs other prices that remain constant or decrease then there is:
A. Inflation. B. Deflation. C. Stagflation. D. Reflation.