In the short run, when production goes up what typically happens to total variable costs?
What will be an ideal response?
In order for the firm to produce more output it will hire more variable inputs like labor and raw materials. This will drive up its total variable costs
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The two most important financial markets are the _____ market and the _____ market
Fill in the blank(s) with correct word
Government officials tend to make:
A. better economic decisions than private individuals because of the wealth of information at their disposal. B. better economic decisions than private individuals because of the efficient processes and flexibility built into the government bureaucracy. C. inefficient choices because they lack the information necessary to accurately weigh marginal benefits and marginal costs. D. inefficient choices because the invisible hand directs them away from the resource allocation where marginal benefits equal marginal costs.