A firm's long term supply function is the segment of the marginal cost above the average fixed cost curve.
a. true
b. false
Answer: b. false
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Suppose the table below describes the demand for a good produced by monopolist.PriceQuantity$101$92$83$74$65$56$47The monopolist's marginal revenue from selling the 4th unit of output is less than $7 because:
A. demand is perfectly elastic. B. marginal cost is greater than $3. C. the consumer only pays $4 for the 4th unit. D. it has to charge $1 less for each of the first 3 units of output.
The equation of exchange is?
a. M x V = P x Y b. M x P = V x Y c. M x Y = V x P d. none of the above represent the equation of exchange
Say at the current output level marginal costs = $20 and the average total cost = $10. From this information we know that the
A. average total costs are increasing. B. average total costs are decreasing. C. marginal costs are decreasing. D. marginal costs are increasing.
Over a year, a nation's GDP at current prices rose by 15 percent while the price index increased from 100 to 110. GDP at constant prices rose by about:
a. 7 percent b. 3 percent c. 5 percent d. 9 percent