Average variable cost and average total costs get closer together as output increases because
A) diminishing returns set in.
B) average fixed costs decrease as output increases.
C) marginal costs decrease as output increases.
D) economies of scale become apparent.
B) average fixed costs decrease as output increases.
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A bank's remaining value after it has met all its liabilities is known as a
A) bank's assets. B) bank's liabilities. C) bank capital. D) bank's income.
Interest provides an incentive for households to defer current consumption
a. True b. False
The proportion of domestic demand for a good that is satisfied by domestic production relative to that supplied by imports is determined by:
a. the interplay of domestic demand and supply curves and the domestic equilibrium price of the good. b. the interplay of demand and supply curves in the international market and the international equilibrium price of a good. c. the interplay of domestic supply and demand curves and the international equilibrium price of a good. d. the different trade restrictions like tariffs and quotas created by the domestic government. e. the interplay of demand and supply curves in the international market and the domestic price of the good
By seeking economic profit, managers are seeking to create value
Indicate whether the statement is true or false