Which one of the following types of cost declines over the whole range of output?
a) total fixed cost
b) marginal cost
c) average fixed cost
d) average variable cost
e) total variable cost
Ans: c) average fixed cost
Economics
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Refer to Table 2-17. What is Lucy's opportunity cost of making a tricycle?
A) 3/4 of a wagon B) 1 1/3 tricycles C) 3 wagons D) 2 tricycles
Economics
If a government-imposed price ceiling causes the observed price in a market to be below the equilibrium price,
A) there will be excess demand. B) there will be excess supply. C) the curves will shift to make a new equilibrium at the regulated price. D) None of the above.
Economics