--%>

Define average cost

Average cost: It is the cost per unit of output.

   Related Questions in Microeconomics

  • Q : Perfect complements of Complementary

    I have a problem in economics on Perfect complements of Complementary Goods. Please help me in the following question. Left and right shoes are illustrations of nearly: (1) Production complements. (2) Perfect complements. (3) Joint production. (4) Per

  • Q : Power of monopsonist I have a problem

    I have a problem in economics on Power of monopsonist. Please help me in the given question. The firm which is the sole buyer of a specific good or resource is a: (i) Monopsonist. (ii) Plutocracy. (iii) Bilateral monopolist. (iv) Price discriminator.

  • Q : Positively-sloped supply curve

    A straight-line, which positively-sloped supply curve which starts from the quantity axis is: (w) elastic for all prices and quantities. (x) inelastic for all prices and quantities. (y) unitarily elastic for all prices and quantities. (z) a sign that

  • Q : Equilibrium outputs in long-run entry

    Long-run supply curve of a purely competitive industry: (w) equals the horizontal summation of all firms’ short-run supply curves. (x) reflects equilibrium outputs after entry and exit respond completely to any shifts in demand. (y) declines as

  • Q : Purpose of shortages of price in price

    Price ceilings tend to purpose of: (a) opportunity costs to decline. (b) monetary prices to rise legally. (c) shortages of price controlled goods. (d) black markets to disappear. (e) surpluses of goods at inflated prices.

    Q : Labor Unions-History problem Can

    Can someone please help me in finding out the accurate answer from the following question. The Carpenter's Society of the Philadelphia: (i) Was established in the year 1924. (ii) Functioned government contracts throughout the Great Depression. (iii) Bargained for the

  • Q : Define open Market operation Open

    Open Market operation: Open Market operations term to the purchase or sale of government securities in an open market by the central bank of country.

  • Q : Problem on equilibrium market price I

    I have a problem in economics on equilibrium market price. Please help me in the following question. The equilibrium market price subsists only if: (1) Quantity demanded equivalents the quantity supplied. (2) Surpluses exceed the shortages. (3) Expert

  • Q : Strategic Barriers to Entry The

    The successful employment of expensive marketing techniques through established competitors in an oligopoly: (w) encourages entry by other profit maximizing firms. (x) raises the minimum efficient scale of production for new entrants. (y) acts as a re

  • Q : Profit for purely competitive firms in

    Profit for purely competitive firms tends in the direction of zero in the long run since: (w) managers resist charging more than a fair price. (x) firms collude to charge prices which barely cover average costs. (y) profit attracts entry, whereas loss