If the average total cost is increasing over a given output range, the average total cost must be smaller than the marginal cost.
Answer the following statement true (T) or false (F)
True
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The mean of a data set is the:
A) product of all values divided by the number of values. B) sum of all different values multiplied by the number of values. C) difference between the highest value and the lowest value. D) sum of all different values divided by the number of values.
The figure shows two Lorenz curves. Suppose both Lorenz curves measure income. Lorenz curve A shows ________ Lorenz curve B
A) income is more equally distributed than the income shown in B) income is less equally distributed than the income shown in C) the first quintile earns less income than the first quintile earned in D) the fifth quintile earns more income than the fifth quintile earned in
Adverse selection in insurance requires that
a. all people face the same risk b. potential customers facing more risk are more interested in purchasing insurance c. people are not risk averse d. insurers can tell higher risk people from lower risk people
The productivity growth rates of poorer countries tend to be ____ than those of richer countries.
A. higher B. lower C. increasing slower D. decreasing faster