Total variable cost divided by output is average variable cost.
Answer the following statement true (T) or false (F)
True
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The total physical product of an input is the same thing as its
A. total revenue product. B. marginal physical product times output. C. output. D. total consumer’s surplus.
An adverse supply shock generally decreases the price level and the real GDP
a. True b. False Indicate whether the statement is true or false
Using Figure 1 below, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P5 and Y1.
B. P5 and Y2.
C. P4 and Y1.
D. P4 and Y2.
A patent gives the inventor monopoly control over the patented good. Patents also a. lead to lower prices for goods
b. create incentives to develop new products. c. lead to an increase in the number of producers of the patented good. d. lead to increased entry into the market for the patented good.