Costs that are spent and cannot be changed in the period of time under consideration are called:
A. fixed costs.
B. variable costs.
C. total costs.
D. marginal costs.
Answer: A
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Make the argument that sales taxes could be considered as a regressive tax
What will be an ideal response?
When the firm increases output and the costs rise disproportionately faster, then the long-run average cost curve is ________ and the firm is experiencing ________.
A. horizontal; constant returns to scale B. downward sloping; constant returns to scale C. upward sloping; diseconomies of scale D. downward sloping; economies of scale
Which of the following statements is TRUE if your money income stays the same but the price of one good that you are buying goes up?
A. You will have to reduce the quantities you purchase of all goods. B. Your nominal income has been decreased. C. Your real income has increased. D. Your effective purchasing power falls.
The "invisible hand" is the price mechanism that guides people's actions in the market.
Answer the following statement true (T) or false (F)