A teenaged babysitter is similar to a firm in a perfectly competitive industry in that, for both
A) fixed costs are lower than variable costs.
B) there are many other suppliers of similar goods or services.
C) the implicit costs of production exceed the explicit costs of production.
D) average costs of production do not change when their industry expands.
Answer: B
Economics
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Refer to Figure 2-8. What is the opportunity cost of one dozen orchids?
A) 0.4 dozen roses B) 2.5 dozen roses C) 7.25 dozen roses D) 16 dozen roses
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Property rights are relatively secure and free from the threat of nationalization in the high-growth Asian economies
Indicate whether the statement is true or false
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