Average total cost is equal to
a. AFC + AVC.
b. AFC/total output.
c. AFC/AVC.
d. AVC/AFC.
a. AFC + AVC.
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
If the cyclical deficit shrank by $60 billion while the structural deficit increased by $35 billion, the total deficit
A. Grew by $95 billion. B. Fell by $60 billion. C. Grew by $25 billion. D. Fell by $25 billion.
Which of the following is not a reason to restrict trade?
A. Concerns about dumping. B. Concern about high prices for consumers. C. Protection of infant industries. D. Preservation of national security.
During the short run, a firm cannot
A. purchase more raw materials. B. change its plant size. C. increase its use of labor. D. change its variable costs.