Average fixed cost is:
a. total cost divided by the number of units produced over a given period
b. total fixed cost divided by the number of units produced over a given period.
c. the price of a fixed factor of production.
d. fixed cost divided by the number of units of a fixed input employed over a given period.
b
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In the case of a positive externality, social marginal cost will
a. exceed private marginal cost. b. be equal to private marginal cost. c. fall short of private marginal cost. d. have no specific relation to private marginal cost.
Refer to Table 9-6. New loans made in Stage 1($C) amount to
A) $100. B) $200. C) $600. D) $800.
Most state revenue comes from the _____ tax and most local revenue comes from the _____ tax.
A. property; property B. sales; sales C. sales; property D. property; sales
Costs increase with output in an increasing-cost industry because:
A. input prices increase as the industry competes for scarce resources. B. firms may be forced to use less productive inputs. C. the firms become monopolies. D. Both input prices increase as the industry competes for scarce resources and firms may be forced to use less productive inputs are correct.