Average cost for the firm in Table 8.1
A) cannot be determined from the information given.
B) is upward-sloping for all output values shown.
C) is constant for all output values shown.
D) is downward-sloping for all output values shown.
E) is U-shaped.
E
You might also like to view...
What is a "social cost" of production?
A) the sum of all costs to individuals in society, regardless of whether the costs are borne by those who produce the products or consume the product B) the cost of the environmental damage created by production C) the total costs of producing a product, both implicit and explicit costs D) the cost of the natural resources used up in production
The rational-ignorance effect refers to the
a. lack of incentive voters have to become well-informed about candidates and issues because their vote is unlikely to affect the outcome of an election. b. fact that most people choose to become just as well-informed when making choices as consumers as they do when making choices as voters. c. lack of rational analysis on the part of voters when they choose not to become informed about candidates and issues even though this knowledge would produce great personal benefit to them. d. problem of not enough information being supplied to voters because politicians are not spending enough on campaign adds to inform voters of their positions on issues.