The average product of a variable input is calculated as:
A) total product divided by total output.
B) the change in total product divided by the change in the variable input.
C) total product divided by the change in the variable input.
D) total product divided by the total quantity of the variable input.
D
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A proportional tax is a tax for which people with lower incomes
A) pay a lower percentage of their incomes in tax than do people with higher incomes. B) pay the same percentage of their incomes in tax as do people with higher incomes. C) pay the same amount of taxes as people with higher incomes pay. D) pay a higher percentage of their incomes in tax than do people with higher incomes.
In the IO perspective it is important to enter an industry with
a. Low supplier power b. Low threat from substitutes c. Low levels of rivalry between firms d. All of the above