Average total cost equals:
A. total fixed cost plus total variable cost.
B. average fixed cost minus average variable cost.
C. average fixed cost plus average variable cost.
D. total cost minus average cost.
Answer: C
You might also like to view...
When the expenditure schedule is too low, the result is a(n)
a. unemployment surplus. b. inflationary gap. c. recessionary gap. d. budgetary gap.
Suppose the market for autoworkers is initially in equilibrium, but then the demand for automobiles increases and simultaneously the automakers allow autoworkers less flexibility working at the plants. What happens in the market for autoworkers?
A) The equilibrium wage rate will increase and the equilibrium quantity of labor will increase, decrease or stay the same. B) The equilibrium wage rate will increase, decrease or stay the same and the equilibrium quantity of labor will increase. C) The equilibrium wage rate and the equilibrium quantity of labor will both decrease. D) The equilibrium wage rate will decrease and the equilibrium quantity of labor will increase.
Geographic immobility in the labor force results in:
A. Homogeneous wage rates B. Homogeneous unemployment rates C. Local labor markets which reach equilibrium quickly and efficiently D. Persistent wage and unemployment differentials in different regions of the country
If leisure were an inferior good, then labor supply curves
a. would all be negatively sloped. b. would all be positively sloped. c. would all be vertical. d. could still be positively or negatively sloped.