Some costs do not vary with the quantity of output produced. Those costs are called
a. marginal costs.
b. average costs.
c. fixed costs.
d. explicit costs.
c
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Are all efficient outcomes also equitable? Explain
What will be an ideal response?
Possible benefits of a monopoly include which of the following (choose all that apply)? a. a savings of fixed costs because only one firm supplies quantity demanded
b. greater opportunities for research due to long-run positive economic profits. c. government regulation is more effective because the firm is "too big to fail.". d. goods and services are provided at a lower price than under perfect competition because of a monopoly's decreasing average cost curve.
A decrease in the money supply will shift the aggregate __________ curve to the __________
A) supply; left B) supply; right C) demand; left D) demand; right
Summarize examples of how a change in demand for one good can affect demand for a related good?