Total cost is
a. fixed cost plus variable cost
b. irrelevant to decision making
c. marginal cost plus fixed cost
d. total product minus total input
e. the additional cost associated with producing an additional unit
A
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Consider a nation that has a comparative advantage in the production of goods using unskilled labor. What types of workers will benefit from increased trade, and what type will lose?
What will be an ideal response?
One of the differences between microeconomics and macroeconomics is the use of fiscal policy. Fiscal policy is conducted by:
a. local banks. b. a nation’s central bank. c. a nation’s legislative body. d. a state’s legislative body.
When aggregate expenditure=GDP,
What will be an ideal response?
Problems in _____________ are another possible cause of recessions.
A. agricultural markets B. intermediate input markets C. financial markets D. aggregate inputs