What two things does the level of total variable costs depend on?
What will be an ideal response?
(1.) The techniques of production which are available.
(2.) The prices of inputs required by each technology.
You might also like to view...
Monique buys a new television for $795. She receives consumer surplus of $355 from the purchase. How much does Monique value her television?
A) $355 B) $440 C) $795 D) $1150
On the eve of the Civil War, what was the number one export in the U.S.?
(a) Cotton (b) Wheat (c) Gold (d) Shipping services
The Fed's power to set the required reserves of commercial banks:
a. provides a certain source of interest income for commercial banks. b. allows the Fed to control the lending ability of commercial banks and, thereby, control the money supply. c. prevents banks from hoarding too much vault cash. d. prevents commercial banks from earning excess profits.
If the United States raises tariffs on foreign goods, it may achieve
A. Higher production possibilities. B. Greater profitability of import-competing firms. C. Higher efficiency in domestic production. D. Higher U.S. exports.