At an output ________ of a firm's short run average total cost curve, a firm can use its fixed capital input at a lower average cost but only by using its variable input at a higher average cost.
A. beyond the maximum point
B. equal to the highest level
C. beyond the minimum point
D. prior to the minimum point
Answer: C
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In the figure above, governments
A) collect taxes. B) coordinate economic activities of households and firms. C) hire factors of production. D) own factors of production. E) sell goods and services to household.
A change in ________ causes a change in ________ and therefore a change in ________
A) cost; demand; price B) price; demand; supply C) supply; price; demand D) demand; price; cost
The price elasticity of demand ________ in value when moving downward along a ________ line demand curve
A) falls; straight B) rises; curved C) falls, curved D) rises; straight
Assuming the United States is the "domestic" country, if the real exchange rate between the United States and Russia decreases from 28 to 23,
A) the prices of U.S. goods and services have increased by 22% relative to Russia. B) the prices of U.S. goods and services have decreased by 5% relative to Russia. C) the prices of U.S. goods and services have increased by 25.5% relative to Russia. D) the prices of U.S. goods and services have decreased by 18% relative to Russia.