Refer to Figure 21.3. The vertical difference between the total cost curve and the total fixed cost curve represents
A. Total marginal costs.
B. Average fixed costs.
C. Total variable costs.
D. Average variable costs.
Answer: C
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The average product of labor is equal to the
A) total product divided by the total number of workers hired. B) total number of workers hired divided by the total product. C) slope of the marginal product of labor curve. D) Both answers B and C are correct.
Prior to 1863, all commercial banks in the United States
A) were chartered by the U.S. Treasury Department. B) were chartered by the banking commission of the state in which they operated. C) were regulated by the Federal Reserve. D) were regulated by the central bank.
Bargain airline fares in which airlines charge varying rates to passengers for the same flight and service is an example of
a. market penetration b. transaction pricing. c. collusion. d. price discrimination.
Refer to the information provided in Figure 3.16 below to answer the question(s) that follow.
Figure 3.16Refer to Figure 3.16. When the economy moves from Point C to Point A, there has been
A. an increase in demand and an increase in quantity supplied. B. an increase in quantity demanded and an increase in supply. C. an increase in quantity demanded and a decrease in supply. D. an increase in demand and an increase in supply.