A short-run total cost schedule is a total variable cost schedule shifted ________ by the amount of total fixed cost cost.
A. upward
B. to the right
C. downward
D. to the left
Answer: A
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Two small airlines provide shuttle service between Las Vegas and Reno. The services are alike in every respect except that Fly Right bought its airplane for $500,000, while Fly by Night rents its plane for $30,000 a year
If Fly Right were to go out of business, it would be able to rent its plane to another airline for $30,000. Which airline has the lower costs? A) Fly Right. B) Fly by Night. C) Neither, the costs are identical. D) Neither, Fly by Night has lower costs at small output levels and Fly Right has lower costs at high output levels.
Which of the following is issued to an investor to provide protection from having the invention copied or stolen for 20 years?
A) a license B) a natural monopoly C) a patent D) a certificate of convenience
Which of the following is an example of an automatic stabilizer?
a. Congress legislates lower tax rates to increase consumption and investment. b. Tax rates are increased during a recession to maintain a balanced budget. c. A regressive income tax system reduces tax revenues (as a share of income) as income expands. d. Revenues from the corporate income tax increase sharply during a business boom but decline substantially during a recession, even though no new tax legislation has been enacted.
Why is it easier to raise $1 million in voluntary contributions for medical research into a deadly disease like cancer than it is to raise the same amount for space exploration?
What will be an ideal response?