The output at which average product is a maximum is the same output at which ________ is a minimum
A) average fixed cost
B) average variable cost
C) average total cost
D) marginal cost
B
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The size of a deadweight loss in a market is reduced by
A) market price being close to marginal cost. B) government legislating a ceiling price. C) government legislating a price floor. D) creative destruction.
Which of the following shows how decreasing staff could improve outcomes in the short run?
a. Every time Edie wanted to try something on at Irina’s clothing store there was no fitting room attendant to assist her. b. The service at Morton’s coffee shop was impeccable—as one person took an order and rang it up, another filled it. c. Dani sometimes shopped at Paige’s book store, but sometimes she chose to place an order on the store’s website. d. Abby walked out of Davidson’s because different salespeople kept waiting near her and interrupting her as she browsed.
When the economy is at full employment and inflation is present, the government could create a surplus budget by cutting its own spending and raising taxes. The Fed would be expected to:
A. reduce the required reserve ratio, increase the discount rate, and buy securities on the open market. B. reduce the required reserve ratio, reduce the discount rate, and sell securities on the open market. C. reduce the required reserve ratio, reduce the discount rate, and buy securities on the open market. D. increase the required reserve ratio, increase the discount rate, and sell securities on the open market.
Is demand for electricity more price elastic when measured over a short period of time or a long period of time? Explain.
What will be an ideal response?