Average fixed cost is
a. the sum of variable and fixed costs
b. total cost minus variable cost
c. variable cost plus marginal cost
d. total fixed cost per unit of output
e. constant as output changes
D
Economics
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A monopoly is a firm that produces a good or service for which no close substitute exists
Indicate whether the statement is true or false
Economics
Adam Smith noted that people are adept at which of the following?
a. Confusing themselves if given the chance. b. Proving the truth of "Murphy's Law." c. Denying themselves for the sake of others. d. Pursuing their own self-interest. e. All of the above are correct.
Economics