Consider a firm's short-run cost curves. Which one of the following types of cost declines over the whole range of output?
A) total fixed cost
B) marginal cost
C) average fixed cost
D) total variable cost
E) average variable cost
Ans: C) average fixed cost
You might also like to view...
Which sector consists of services traded for food, shelter, housing or other services?
(a) tertiary (b) secondary (c) primary (d) international
Economists assume the central goal of any business is to:
A. maximize revenues. B. minimize costs. C. maximize profit. D. maximize market share.
Cross-price elasticity is used to determine whether goods are substitutes or complements
a. True b. False Indicate whether the statement is true or false
If the United States goes into a recession, this tends to shift Japan's AD curve _______________ because Japan will ___________________
A) rightward; import less from the United States B) rightward; export less to the United States C) leftward; import less from the United States D) leftward; export less to the United States