Assume that for 20 bicycles, the total fixed cost is $100 and the total variable cost is $300 . Then the average fixed cost and the average variable cost are:
a. $5 and $10 respectively.
b. $5 and $15 respectively.
c. $10 and $15 respectively.
d. $15 and $10 respectively.
e. $10 and $5 respectively.
b
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An increase in the demand for Treasury bills will
A) eventually cause households to hold less money. B) decrease the price of Treasury bills. C) increase the opportunity cost of holding money vs. Treasury bills. D) decrease the interest rate on Treasury bills.
A supply curve:
a. has a negative slope. b. is based on the assumption of a stable demand curve. c. illustrates the negative relationship between price and quantity supplied. d. illustrates the positive relationship between price and quantity supplied. e. shifts about in random fashion.
Each of the following is a provision of the 1996 welfare reform law except that
A. the federal guarantee of cash assistance for poor children is ended. B. the head of every welfare family would have to work within 2 years or the family would lose benefits. C. after receiving welfare for two months adults must find jobs or perform community service. D. women who have more children while on welfare will have their benefits reduced.
If buyers were required to pay the federal excise tax on gasoline directly to the government, the demand curve for gasoline would shift up
Indicate whether the statement is true or false