________ is a cost that changes with the quantity produced by the firm and is incurred by the firm in the short run.
A. Fixed cost
B. Economic cost
C. Variable cost
D. Average total cost
Answer: C
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Activities that go unreported to the government in order to avoid paying taxes or because the activity is illegal are known collectively as the
a. non-profit sector b. federal sector c. illegal economy d. special-interest category e. underground economy
The rationing mechanisms that develop under binding price ceilings are usually inefficient
a. True b. False Indicate whether the statement is true or false
One reason given for the U.S. productivity slowdown in the period from 1973 to 1995 was
A. declining energy prices. B. increasing energy prices. C. increasing investment spending. D. increasing government spending.
Balin purchases fair trade cocoa out of concern for workers' rights and environmental sustainability. He could purchase cocoa of equal quality at a lower price. Behavioral economists would consider Balin's purchase:
A. unusual in that it demonstrates concern for others. B. purely self-interested but motivated by something other than his financial well-being. C. as evidence that Balin is not acting purely in his self-interest. D. a bad decision because it ignores important information that could improve Balin's well-