Average variable cost is
a. total cost minus fixed cost
b. total variable cost divided by the quantity of output
c. total cost plus marginal cost
d. total cost per unit of output
e. output divided by the quantity of inputs used
B
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Which of the following statements is true?
A) Most of the leading exporting countries are large, high-income countries. B) All sectors of the U.S. economy are affected equally by international trade. C) Each year China exports about 50 percent of its wheat crop and 40 percent of its rice crop. D) Exports benefit trading countries because exports create jobs. Imports do not benefit trading countries because they result in a loss of jobs.
A detailed history of business cycles is known as a
A) historical decomposition. B) trend analysis. C) Hodrick—Prescott filter. D) business cycle chronology.