The average total cost of production
A) equals total cost of production multiplied by the level of output.
B) is the extra cost required to produce one more unit.
C) equals the explicit cost of production.
D) equals total cost of production divided by the level of output.
D
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When real Gross Domestic Product (GDP) falls, which of the following will automatically occur?
A) an increase in income tax revenues B) a decrease in all tax rates C) a decrease in unemployment compensation expenditures D) a decrease in income tax revenues
Reserve requirements are the
A) minimum percentages of deposits that banks must hold as reserves. B) minimum amount of an owner's financial resources that must be placed in a depository institution. C) rules covering the types of deposits that banks may offer. D) rules covering the types of assets that banks may purchase.
During the Great Recession, the Polish economy withstood the economic impact by:
A) decreasing the money supply. B) increasing the taxes. C) increasing the money supply. D) appreciating its currency.
Which of the following describes an oligopoly?
(A) Eight to ten firms producing 90 percent of the output. (B) Four firms producing 70 to 80 percent of the output. (C) One firm producing 95 percent of the output. (D) Eight to ten firms producing 60 to 70 percent of the output.