Average total cost (ATC) is calculated as follows:
a. ATC = (change in total cost)/(change in quantity of output).
b. ATC = (change in total cost)/(change in quantity of input).
c. ATC = (total cost)/(quantity of output).
d. ATC = (total cost)/(quantity of input).
c
You might also like to view...
What are the main differences between neoclassical economics and behavioral economics?
a. Neoclassical economics is mainly theoretical. b. Behavioral economics does not take as given that decision makers are rational. c. Neoclassical economics assumes that decision makers are fully informed. d. All of the above.
Which of the following three actions would not be used by the Fed to influence interest rates?
a. selling securities b. buying stocks c. setting reserve requirements d. changing the discount rate e. moral suasion
Economists assume that monopolists behave as
a. cost minimizers. b. profit maximizers. c. price maximizers. d. maximizers of social welfare.
Which of the following is true?
What will be an ideal response?