The optimal consumption bundle of two goods is found at the point of tangency of the highest indifference curve and the budget constraint
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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If price equals average total cost, then total revenue
a. equals total cost b. equals total fixed cost c. equals total variable cost d. is greater than total cost e. equals marginal revenue
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If the current year CPI is 90, then the price level has decreased 10 percent since the base year
a. True b. False Indicate whether the statement is true or false
Economics
Table 21.4Output (Units per Day)Total Cost (Dollars per Day)016130242358478At 4 units of output in Table 21.4, total fixed costs are
A. $78.00. B. $19.50. C. $20.00. D. $16.00.
Economics