Total cost divided by the number of units produced is called:
a. total cost
b. average cost
c. marginal cost
d. variable cost
b
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The market demand curve for mousetraps is
A) found by summing the quantities of mousetraps demanded at each income level by each buyer. B) found by summing the prices of mousetraps at each quantity of mousetraps demanded by each buyer. C) the horizontal sum of the individual demand curves for mousetraps of all the buyers. D) Both answers B and C are correct. E) Both answers A and C are correct.
The net national debt is smaller than the gross national debt because
a. some debt is held by foreigners. b. some debt is held by U.S. citizens. c. some debt is held by government agencies. d. the government does not have to pay all of the debt.
Money is the most liquid asset available because
a. it is a store of value. b. it is a medium of exchange. c. it is a unit of account. d. it has intrinsic value.
The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that
a. some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task. b. economics ranks one set of worker preferences as more desirable than another. c. skill levels of laborers are a minor consideration in wage rate determination. d. worker preferences are an important source of earning differentials.