Average cost equals total cost multiplied by the number of units of output.

Government licensing of occupations or trades

A) has usually been created over the objections of sellers in the licensed industry. B) is more often supported than opposed by the persons and firms to be regulated. C) is usually supported by legislators because they want to protect consumers against inferior-quality products. D) will not reduce competition if it merely imposes higher costs on potential entrants into the occupation or trade.

Which of the following is true? a. A decrease in the price of ice cream would cause a decrease in the demand for frozen yogurt, a substitute

b. Just as demanders will demand more now if the price of a good is expected to rise in the near future, sellers will supply more now if the price of a good is expected to rise in the near future. c. An increase in supply leads to a movement up along the supply curve. d. Both technological progress and cost-increasing regulations will increase supply.