Average total cost
A. the sum of fixed cost and average variable cost.
B. is the average cost of producing each unit of output.
C. is always increasing.
D. measures the spread of overhead across output.
Answer: B
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When 2,000 hamburgers per day are produced, the marginal social benefit is $1.50 and the marginal social cost is $1.00. And when 7,500 hamburgers per day are produced, the marginal social benefit is $1.00 and the marginal social cost is $1.50
The efficient production quantity of hamburgers is ________ a day. A) more than 7,500 B) 7,500 C) between 2,000 and 7,500 D) 2,000
Explain how the equilibrium wage rate is determined for a perfectly competitive industry and how a firm in that industry determines its profit maximizing employment level
What will be an ideal response?
In the Santa Rita silver mines in Arizona in 1870, Mexican miners received about $12 per month while "American" miners received $70 . Although the wages of both groups tended to rise over time, the gap persisted until at least 1910 . Mexican and American miners did the same work and were equally productive. Economists call this pay differential
a. prejudicial differentials. b. compensating differentials. c. economic discrimination. d. Lorenz discrimination.
Which of the following will cause the aggregate supply curve to shift to the left?
A. A lower tax rate. B. Deregulation of production processes. C. A higher minimum wage. D. More job and skills training.