Average fixed cost is:
a. total cost divided by the number of units produced over a given period
b. total fixed cost divided by the number of units produced over a given period.
c. the price of a fixed factor of production.
d. fixed cost divided by the number of units of a fixed input employed over a given period.
b
Economics
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Suppose the quantity of gasoline is measured in gallons and the price of gasoline is measured in dollars. The price elasticity of demand is 0.67
If the price of gasoline was now measured in cents rather than dollars, the price elasticity of demand would now be A) 0.0067. B) 0.67. C) 6.7. D) 67.0.
Economics
Unemployment that results from the seasonal pattern of work in specific industries is
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.
Economics