Average fixed cost:
a. remains unchanged as output expands
b. is defined as the change in total cost divided by the change in output.
c. always increases as output increases.
d. always decreases as output expands.
d
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In a circular flow diagram,
i. the value of production = income. ii. the value of production = expenditure. iii. expenditure = income. A) i and ii are true statements. B) i and iii are true statements. C) Only iii is a true statement. D) Only i is a true statement. E) i, ii and iii are true statements.
Steve and Karen decide to attend the same concert when they are each given free tickets to it. We know that
A) both bear the same opportunity cost because they are seeing the same thing. B) both bear the same opportunity cost because the tickets have the same face value. C) both bear an opportunity cost that depends on what each person is giving up to attend the concert. D) neither bears an opportunity cost since the tickets were given free to them.