Total Cost

question 154

Multiple Choice

Total cost

• A)increases directly with increases in total variable cost.
• B)is zero at zero output.
• C)is fixed in total no matter how much is produced.
• D)increases directly with increases in total fixed cost.
• E)None of these answers is correct.

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Definitions:

Industry Supply Curve

A graph showing the relationship between the price of a good and the total output of the industry that produces it.

Equilibrium Price

The price at which the supply of a good matches its demand in the market, leading to a stable situation where everything supplied is sold.

Cockatoos

A group of colorful and intelligent birds belonging to the parrot family, often known for their crested head feathers.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in market equilibrium.