Average total cost is equal to
a. output/total cost.
b. total cost - total quantity of output.
c. average variable cost + total fixed cost.
d. total cost/output.
d
Economics
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A surplus can exist in the market only if there is:
a. a non binding price floor. b. a binding price floor. c. a binding price ceiling. d. a non binding price ceiling.
Economics
If you were asked to draw a graph that showed the total fixed costs (vertical axis) for various levels of output (horizontal axis), you would draw a line/curve that
a. increased with a slope equal to the average fixed cost b. decreased with a slope equal to the average fixed cost c. increases for a while and then decreases d. decreases for a while and then increases e. had a slope of zero
Economics