Changes in short-run total costs result from changes in
A. The price elasticity of demand.
B. Profit.
C. Variable costs.
D. Fixed costs.
Answer: C
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A recession is a period of time in which the total output of the economy rises
a. True b. False Indicate whether the statement is true or false
If the demand for baseballs increases, then as a result, it is highly likely that the demand for:
A. leather will increase. B. tennis balls will increase. C. soccer balls will rise. D. bats will decrease.
A specific type of loan that is used to buy real estate:
a. mutual fund b. mortgage c. millage note d. deed bond
A strength of the market economy is that:
A. it results in an equal distribution of wealth. B. resources are used efficiently. C. planners rather than consumers determine answers to the basic economic questions. D. information for production and distribution decisions passes directly from the government to buyers.