In the long run, the total variable cost of a firm:
a. is equal to its total fixed cost.
b. is equal to its total cost.
c. is equal to its average fixed cost.
d. is more than its total fixed cost.
e. is less than its total cost.
b
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Which statement is true?
A. There was a great deal of stagflation in the 1970s. B. We had the worst recession since World War II in the late 2000s. C. We have had twelve recessions since January, 1945. D. All of the choices are true.
Suppose you eat two hamburgers for lunch. The marginal benefit of the first burger is ________ of the second burger
A) larger than the marginal benefit B) not related to the marginal benefit C) smaller than the marginal benefit D) equal to the marginal cost and the marginal benefit E) equal to the marginal benefit
The Lorenz curve in the above figure implies that
A) income is equally distributed. B) the lowest fifth of households account for less than 20 percent of income. C) the highest fifth of households account for less than 20 percent of income. D) the lowest fifth of households account for more than 20 percent of income.
In general, economic profits are:
A. less than accounting profits. B. the same as accounting profits. C. greater than accounting profits. D. not comparable to accounting profits.