Which cost curve is continually falling as output increases?
a. the average total cost curve
b. the total cost curve
c. the average variable cost curve
d. the average fixed cost curve
Ans: d. the average fixed cost curve
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In a general equilibrium model
A) all markets but one clear. B) there are no fluctuations. C) all prices are exogenous. D) all prices are endogenous.
If Ming is willing to pay $75 to attend the Broadway production of The Lion King but actually pays $40, she receives a consumer surplus of $35
a. True b. False Indicate whether the statement is true or false
What is the domestic price of sugar in a closed economy?
A. $2,000/ton B. $500/ton C. $3,000/ton D. $1,000/ton
An increase in the market share of one oligopolist will not affect the market share of the other firms in the industry.
Answer the following statement true (T) or false (F)