Under conditions of perfect competition, average fixed cost
a. rises as output increases.
b. falls as output increases.
c. decreases then rises.
d. increases and then falls.
b. falls as output increases.
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__________ are what is available to be used. They produce valued results. They are assets used to satisfy some need
a. Resources b. Goals c. Values d. Attitudes
An industry in which one firm can achieve economies of scale over the entire range of market supply is a
A. Natural monopoly. B. Perfectly competitive market. C. Kinked demand curve oligopoly. D. Contestable market.
Between the second quarter of 2006 and the first quarter of 2009, the value of housing wealth decreased by about $7 trillion.
Answer the following statement true (T) or false (F)
When a tax is justified on the basis that the taxpayers who pay the tax receive specific government services from payment of the tax, the tax
a. is considered horizontally equitable. b. burden is minimized. c. satisfies the benefits principle. d. is considered vertically equitable.