Fixed costs plus variable costs equal:
A. marginal costs.
B. average costs.
C. average total costs.
D. total costs.
Answer: D
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According to the new classical theory, a monetary surprise will
a. shift the labor supply curve to the right in the short run. b. shift the labor supply curve to the left in the short run. c. not shift the labor supply curve in the short run. d. shift the aggregate supply curve to the left in the short run. e. shift the aggregate supply curve to the right in the short run.
If an individual firm in a market is a price taker, then:
a. it faces a horizontal demand curve. b. it is operating in a monopolistically competitive market. c. it sells its product at the market price that is solely determined by the buyers. d. it faces a positively sloped marginal revenue curve. e. it faces significant barriers to exit from the market.