________ cost refers to the full economic costs of production.
A. Total
B. Total variable
C. Average variable
D. Marginal
Answer: A
You might also like to view...
According to the theory of purchasing power parity, the exchange rate between two countries reflects
A) the interest rates in the two countries. B) the unemployment rates in the two countries. C) government spending in the two countries. D) differences in the overall price levels in the two countries.
The business cycle matters for unemployment because:
A. it affects the demand for labor. B. it affects the supply of labor. C. Both of these are true. D. Neither of these is true.
A decrease in competition within an industry can result in
a. more efficient resource allocation. b. lower prices. c. a firm wielding economic and political power. d. increased output.
Which of the following examples shows the most elastic demand?
a. When the price of gasoline increases from $2.50 to $2.75 per gallon, sales remain the same. b. When the price of stoves increases from $700 to $800 per stove, sales decrease by half. c. When the price of apples decreases from $2 to $1 per pound, sales increase 10 percent. d. When the price of cell phones decreases from $100 to $80 per phone, sales triple.