Variable costs equal fixed costs when nothing is produced
a. True
b. False
Indicate whether the statement is true or false
False
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If average cost is decreasing,
A) marginal cost equals average cost. B) marginal cost exceeds average cost. C) marginal cost is less than average cost. D) Not enough information is provided.
The free-rider problem is encountered when
A) someone benefits from the consumption of a public good without paying his or her full share. B) all individuals who consume a public good pay for it. C) all goods consumed and produced are private goods. D) all individuals are willing to pay for what they consume.
Excise taxes are a form of sales tax
a. True b. False Indicate whether the statement is true or false
Refer to Figure 3.1. Which graph best represents the total cost of an activity?
A. A
B. B
C. C
D. D