For most producing firms:
A. marginal cost rises as output is carried to a certain level, and then begins to decline.
B. total costs rise as output is carried to a certain level, and then begin to decline.
C. average total costs decline as output is carried to a certain level, and then begin to rise.
D. average total costs rise as output is carried to a certain level, and then begin to decline.
Answer: C
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Average product equals the
A) increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same. B) total amount of output produced. C) total amount of output produced divided by the quantity of labor employed. D) total amount of output produced divided by price of the output.
Assuming a homogeneous product, the Bertrand equilibrium price is
A) independent of the number of firms. B) independent of the firm's marginal costs. C) equal to the Cournot equilibrium price. D) equal to the monopoly price.
What are the major rationales for consumer protection in nonmonopolistic industries?
What will be an ideal response?
In what year did spending climb and tax collections fall to historically unusual levels, resulting in enormous deficits?
a. 1990 b. 1999 c. 2001 d. 2007