Higher isocost lines correspond to higher
A) profits. B) sales revenue.
C) input prices. D) total costs of production.
D
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What is discretionary fiscal policy and what is its purpose?
What will be an ideal response?
By continuing to operate when price is greater than average variable cost but less than average total cost, a firm limits its losses to:
A) $0. B) its total fixed costs. C) the difference between its total fixed cost and the amount by which total revenue exceeds total variable costs. D) its total variable costs.
More bidders increase the selling price in a second-price auction because
a. the true values of the losers is higher b. the true value of the winner is higher c. bidders bid more aggressively d. bidders shade their bids by less
Which of the following is true of transfer programs? a. They involve redistributing income from lower-income individuals to higher-income individuals. b. They place a high implicit tax on work
c. They increase the opportunity cost of leisure. d. They indirectly help in decreasing the unemployment rate in an economy. e. They result in an increased productivity of labor and a rise in the total output of an economy.