Variable cost divided by quantity produced is
a. average total cost.
b. marginal cost.
c. profit.
d. None of the above is correct.
d
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The profit-maximizing output for the perfectly competitive firm occurs at the point at which
A) TR - MR is at a maximum. B) TR - TC is at a minimum. C) MR = MC. D) TR - ATC is at a maximum.
What type of questions cannot be answered with theory or facts alone?
A. factual questions B. econometric questions C. positive questions D. normative questions E. empirical questions
Which of the following institutions is responsible for supervising the banking system of the United States?
A. The Federal Reserve System B. The Open Market Committee C. The U.S. Treasury D. The Federal Deposit Insurance Corporation
The role of international ________ is to direct one nation's savings into another nation's investments.
A. merchandise trade flows B. unilateral transfers C. services flows D. capital flows