Author Question: If the total variable cost curve for a firm is S-shaped, what is the shape of the total cost curve ... (Read 88 times)

ishan · **on:** Jun 30, 2018

If the total variable cost curve for a firm is S-shaped, what is the shape of the total cost curve for that firm?
a. U-shaped
b. Flat.
c. Hill-shaped.
d. S-shaped.
e. There is not enough information.

Question 2

The laissez-faire approach popular before the Great Depression influenced the U.S. government to see business downturns as:
a. natural phases in an otherwise healthy system and to therefore take short-term deficit spending measures to help recovery.
b. natural phases in an otherwise healthy system and to therefore wait for recovery to occur naturally.
c. serious maladies in an otherwise healthy system and to therefore work to redesign the system to avoid such failure in the future.
d. failures of the type of system Adam Smith envisaged and to therefore work to move toward an open economy with free trade.
e. failures of the system to achieve the form that Adam Smith envisaged and to therefore work to decrease government interference at the micro level.