Average Variable Cost is
A. the per unit fixed cost of production.
B. the per unit variable cost of production.
C. the addition to cost associated with one additional unit of output.
D. the per unit cost of production.
Answer: B
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Sam is responsible for ordering office supplies for the firm gets a bonus if the firm stays well-stocked at all times. The bonus implies he is more likely to
a. Pay lower prices for the supplies b. Pay higher prices for the supplies c. Have more stock outs d. Resign from the position
"Higher prices always yield higher revenues." Do you agree or disagree? Why?
What will be an ideal response?
Consider a game where individuals are asked to contribute to a public good. Then consider the best response function for individual i, with individual i's contribution measured on the vertical axis and "the average contribution by everyone else" on the horizontal. Then as the number of individuals increases, i's best response function shifts in.
Answer the following statement true (T) or false (F)
The WTO was established by the ________ of multilateral trade negotiations
A) Kennedy Round B) Tokyo Round C) Uruguay Round D) Dillon Round E) NAFTA Round