A fixed input:
A) does not vary with price
B) does not vary with costs
C) does not vary with the level of output
D) remains fixed in both the SR and the LR
Correct Answer:
Verified
Q33: What are the units for ATC?
A) kg
B)
Q34: What are the units for TVC?
A) kg
B)
Q35: What are the units for MC?
A) kg
B)
Q36: What are the units for Y?
A) kg
B)
Q37: Profits are:
A) the value of production minus
Q39: Constant returns output:
A) reflect scarcity
B) does not
Q40: Variable inputs:
A) cannot exist in the long
Q41: The railroad industry is an example of:
A)
Q42: Economic profit equals:
A) total revenues minus fixed
Q43: Which is always true?
A) ATC>AVC
B) MC>AVC
C) MC>ATC
D)
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