When the slope of a demand curve is constant, price elasticity of demand is constant as well.
Answer the following statement true (T) or false (F)
False
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Average total cost is equal to average variable cost minus average fixed cost
Indicate whether the statement is true or false
An efficient point of production is
A) a point on the production possibilities curve. B) a point inside the production possibilities curve. C) the point where scarcity no longer exists. D) the point where we are currently producing.
In the case of perfectly inelastic demand, the demand curve is:
A. upward sloping. B. downward sloping. C. vertical. D. horizontal.
All of the following can be used to compute average profit except
A) marginal profit minus marginal cost. B) total profit divided by quantity. C) average revenue minus average total cost D) price minus average total cost.