The total cost curve is the sum of the:
a. total fixed and total variable cost curves.
b. total fixed and marginal cost curves.
c. marginal cost and total variable cost curves.
d. none of these.
a
Economics
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A point inside the production possibilities curve may indicate that resources are not being used efficiently.
a. true b. false
Economics
Suppose that a consumer has a marginal propensity to consume of 0.7. If this consumer earns an extra €2, her consumption spending would be expected to increase by:
A. €0.60. B. €0.70. C. €1.40. D. €1.70.
Economics