Average variable cost is defined as:
A. total variable cost divided by quantity.
B. quantity divided by total variable cost.
C. the change in total variable cost divided by the change in quantity.
D. the change in quantity divided by the change in total variable cost.
Answer: A
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If a pollution tax in a market with an external cost changes the market so that it produces the efficient level of output, which of the following occurs?
i. The supply curve shifts leftward. ii. The price increases. iii. The quantity produced decreases. A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
The behavior of historical cost curves says nothing about the cost advantages or disadvantages of a single large firm.
Answer the following statement true (T) or false (F)
A home mortgage is a particular type of loan used to buy a house where the house serves as the collateral for the mortgage.
Answer the following statement true (T) or false (F)
Every transaction concerning the exportation of U.S. goods constitutes a
A. supply of foreign currency and demand for dollars. B. supply of foreign currency, with no effect on the market for dollars. C. demand for dollars, with no effect on markets for foreign currencies. D. demand for foreign currency and a supply of dollars.