If average fixed cost and average variable cost are summed together, the result is:
a. total revenue
b. total profit.
c. total cost.
d. average total cost.
d
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An increase in a nation's wealth causes its:
a. Aggregate demand to fall, the average price level to fall, and real GDP to rise. b. Aggregate supply to rise, the average price level to rise, and real GDP to rise. c. Aggregate demand to rise, the average price level to rise, and real GDP to rise. d. Aggregate supply to fall, the average price level to rise, and real GDP to fall. e. Aggregate demand to fall, the average price level to fall, and real GDP to fall.
Which statement is true?
A. America has always had a very productive agricultural sector. B. The most influential factor in the United States' economic development during the 19th century was a great abundance of labor. C. The central problem of economics is an oversupply of capital. D. None of the statements are true.
In response to the financial crisis of 2007-2009, the Federal Reserve
A. raised the fed funds rate from 2.0 percent to 5.25 percent. B. raised the discount rate from 2.0 percent to 5.25 percent. C. cut the fed funds rate from 5.25 percent to 2.0 percent. D. cut the discount rate from 5.25 percent to 2.0 percent.
Using concentration ratios, which is the more concentrated industry?
A. Industry X with a concentration ratio of 80.
B. Industry Y with a concentration ratio of 95.
C. Both industries have the same concentration ratio of 100.
D. There is no way to determine which industry has the higher concentration ratio.