If marginal cost is increasing, then average total cost must be increasing simultaneously.
Answer the following statement true (T) or false (F)
False
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Private goods are both
a. excludable and nonrival in consumption. b. nonexcludable and rival in consumption. c. excludable and rival in consumption. d. nonexcludable and nonrival consumption.
To predict the effects of a tax cut on consumption spending, economists must have some estimate of the
A. income effect. B. substitution effect. C. relative price effect. D. marginal propensity to consume.
Explain the three distinct notions of openness
What will be an ideal response?
Assume that an economy experiences both positive population growth and technological progress. Once the economy has achieved balanced growth, we know that the capital per effective worker ratio (K/NA) is
A) growing at a rate of ? + gA + gN. B) growing at a rate of gA + gN. C) growing at a rate of gN. D) growing at a rate of gA. E) none of the above