The marginal cost curve always intersects the average total cost curve at the minimum of average total cost.
Answer the following statement true (T) or false (F)
True
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Specialization and exchange develop under conditions of
A) massive ignorance. B) a total conflict of interests. C) coercion and exploitation. D) none of the above.
When the demand for coffee increases, ceteris paribus, the equilibrium price will also increase because
A. A shortage exists at the old equilibrium price. B. The market supply and demand curves do not intersect. C. Market demand must be upward-sloping. D. There must be a surplus of the good.
Which of the following is the least efficient method of allocating import licenses by the government?
A. Resource-using application procedures B. A free lottery C. Fixed favoritism D. A competitive auction
Which of the following is likely to happen if the government of a country lowers import tariffs?
A) The domestic producers will be safe from foreign competition. B) The revenue earned by the government will fall. C) The price of imported goods will rise in the domestic market. D) The volume of the country's imports will fall.