The table above gives the cost schedule for The X Firm. The data show that The X Firm's ________ curve is ________
A) ATC; U-shaped because the firm fixed costs are spread over larger amounts of output and the firm experiences decreasing marginal returns
B) AFC; U-shaped because the firm spreads its fixed costs over larger and large amounts of output
C) AVC; always declining because costs are divided across ever-increasing amounts of output
D) MC; U-shaped because explicit costs exceed implicit costs
E) ATC; U-shaped because output increases as costs increase
A
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The government of Putania spent $67,000,000 in a particular year, and the total tax receipts of the government in that year were $120,000. Calculate the budget deficit
A) $600,000 B) $680,000 C) $67,120,000 D) $66,880,000
Yesterday the futures price for corn for March delivery in Chicago was $7.40/bushel and today it is $7.30/bu. Yesterday the local cash price was $6.87/bushel. Yesterday the local basis was
A. 57 cents. B. -53 cents. C. -43 cents. D. 53 cents.