The vertical distance between the total variable cost curve and the total cost curve ________ as output increases; the vertical distance between the average variable cost curve and the average total cost curve ________ as output increases
A) decreases; remains the same
B) is constant; becomes smaller
C) increases; becomes smaller at first but then increases
D) increases; remains the same
B
Economics
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When the labor market is in equilibrium so that the quantity of labor supplied equals the quantity demanded,
A) there is no unemployment. B) the economy is at full employment. C) nominal GDP equals real GDP. D) there is no inflation. E) real GDP might be more than, less than, or equal to potential GDP.
Economics
Andrew Carnegie, the first U.S. steel mogul, built his empire by
a. patenting each new type of steel b. owning all of the U.S. iron ore deposits c. being the most efficient, that is, having the lowest ATC d. buying up his competitors e. enlisting the protection of the government
Economics