Which of the following statements is correct?
A) TC = TFC + TVC
B) TC = average product + marginal product
C) TC = TFC - TVC
D) TC = average physical product - marginal physical product
Answer: A
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Which of the following is rival and excludable?
A) a public good B) a natural monopoly C) a private good D) a common resource
Net exports equals _____
a. the value of exports minus the value of imports b. the value of imports minus the value of exports c. the value of imports minus tariffs d. the value of exports minus tariffs e. the value of exports plus the value of imports minus depreciation
An outward shift of an economy's production possibilities curve is not caused by:
A. an increase in capital. B. an increase in labor. C. an advance in technology. D. a decrease in unemployment.
Some companies are having their technical support calls answered by people located in India. This is an example of
A) a factor that shifts the supply of labor curve in the U.S. B) insourcing. C) outsourcing. D) a change in the demand for the final product that labor produces.