One formula for ________ is TVC/q.
A. TC
B. TFC
C. MC
D. AVC
Answer: D
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Because collective action problems are ________ to solve, society often ________
A) relatively easy; handles the problems itself B) relatively easy; ignores the problems C) impossible; chooses to live with the problems D) difficult; requests help from the government
If the price of a substitute increases, which of the following is most likely to happen in the market for the product under consideration in the short run?
A) Supply will increase. B) Firms will leave the market. C) Firms will devote more variable inputs in the production of this good. D) Firms will devote less variable inputs in the production of this good.
In the United States, the unemployment rate for women is roughly the same as the unemployment rate for men
a. True b. False Indicate whether the statement is true or false
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers decreased from $15 to $11:
A. total producer surplus would fall by $4. B. total producer surplus falls by $8. C. House Depot's producer surplus falls by $4. D. producer surplus for each producer falls by $4.