Given the production function and total cost function shown in Chapter 4, as production increases, total costs
A. decrease constantly.
B. decrease for a while and then increase.
C. increase for a while and then decrease.
D. increase constantly.
Answer: D
You might also like to view...
Higher nominal interest rates ________ the amount of money demanded and higher real income ________ the amount of money demanded.
A. increase; increases B. increase; decreases C. decrease; decreases D. decrease; increases
If the government wanted a tax to not burden consumers much, it would want to tax an industry with:
a. elastic supply and demand curves. b. inelastic supply and demand curves. c. inelastic supply and elastic demand. d. elastic supply and inelastic demand.
Suppose the growth rate of Carolina is 5 percent. According to the rule of 70, it will take _____ years for the economy to double in size
a. 20 b. 14 c. 30 d. 40
Administered prices are most likely to occur
A. when a cartel dominates the industry. B. under cutthroat competition. C. under monopolistic competition. D. in any of these competitive situations.