Average total cost and average variable cost are minimized at the same level of output.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Demand is perfectly inelastic when
A) shifts in the supply curve results in no change in price. B) the good in question has perfect substitutes. C) shifts of the supply curve result in no change in quantity demanded. D) shifts of the supply curve result in no change in the total revenue from the quantity sold.
The rational expectations hypothesis implies that discretionary macro-policy will:
a. be ineffective, even in the short run. b. be effective in the short run but ineffective in the long run. c. be effective both in the short run and long run. d. make it possible to trade-off a higher rate of inflation for a lower rate of unemployment.
Define market equilibrium. How is the equilibrium price determined?
When two countries trade with one another, it is most likely because...
a. the wealthy people in each of the two countries are able to benefit, through trade, by taking When two countries trade with one another, it is most likely because advantage of other people who are poor. b. some people involved in the trade do not understand that one of the two countries will become worse-off because of the trade. c. the opportunity costs of producing various goods are identical for the two countries. d. the two countries wish to take advantage of the principle of comparative advantage.