Which of the following statements is TRUE?
a. Average cost (AC) is irrelevant to extent decisions
b. Average cost determines how much you produce
c. Marginal cost (MC) is irrelevant to extent decisions
d. All of the above
a
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Fill in the blank: Other things constant, the growing availability of college degrees being offered through online programs will tend to ________ the price elasticity of demand for more traditional college degree programs
A) leave unchanged B) decrease C) increase D) alter for the better
According to your textbook, critics of "globalization" often fail to understand that
A) money makes the world go round. B) voluntary trade is mutually beneficial. C) economics applies only to capitalist economic systems. D) greed is better than love.
Which of the following is an effect of an increase in the price level in an economy? a. The real value of dollar-denominated assets will increase
b. The aggregate expenditure line will shift upward. c. The equilibrium real gross domestic product will decrease. d. There will be downward movement along a particular aggregate demand curve. e. The aggregate demand curve will shift rightward.
World-class models receive significant economic rents because
A. there is a shortage of world-class models. B. there is a surplus of world-class models. C. their talents and abilities are in fixed supply. D. there is no equilibrium quantity of world-class models.