Average fixed cost is defined as:
A. total variable cost divided by quantity.
B. quantity divided by total variable cost.
C. the change in total variable cost divided by the change in quantity.
D. total fixed cost divided by quantity.
Answer: D
Economics
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Refer to Figure 11.2. Suppose that Ca = 40, MPC = 0.8, I = 10. The value of autonomous consumption is
A) 10. B) 40. C) 50. D) 80.
Economics
The table above shows the marginal costs and marginal benefits of college education. If 20 million students are enrolled, the marginal external benefit is
A) zero. B) $4,000. C) $5,000. D) $7,000.
Economics