Which of the following is true if the total variable cost curve is rising?
a. Average fixed cost is increasing.
b. Average fixed cost is constant.
c. Marginal cost is decreasing.
d. Marginal cost is increasing.
d
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A government proposal to increase marginal tax rates on the wealthiest 2 percent of U.S. residents is supposed to generate an additional $100 billion in tax revenues. It is likely that
A) the actual revenue raised will exceed the $100 billion, because the other 98 percent of the population will increase their work effort with a more fair tax system. B) the actual revenue raised will be more than $100 billion, because the short-run aggregate supply curve is upward sloping. C) the actual revenue raised will be close to $100 billion, because the wealthy don't respond to work incentives the way poorer workers do. D) the actual revenue raised will be less than $100 billion, because some of the people will respond by working less and earning less income that can be taxed.
Over short time periods, deficits can help the economy cope with shocks
Indicate whether the statement is true or false
Gross national product, GNP, of the United States is the market value of all final goods and services
A) consumed by citizens of the United States anywhere in the world. B) consumed within the United States. C) produced within the United States. D) produced by citizens of the United States anywhere in the world.
An increase in the market supply of clerks leads to an increase in the market wage rate for clerks.
Answer the following statement true (T) or false (F)