A total product curve shows the
A. aggregate output of many firms in an industry.
B. amount of product consumers will take off the market.
C. maximum amount of product that it is technically possible to produce.
D. relationship between units of inputs and total output.
Answer: D
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Investors are often willing to take the risks associated with investing in capital goods in developing nations because developing nations
A) insure a small return on investment. B) always insure the investments. C) have a large portion of the world's unutilized or underutilized resources and hence profit potential. D) get the International Monetary Fund (IMF) to back investments through a series of loan guarantees.
The average cost curve
A. is the vertical summation of the AFC and the AVC curves. B. lies below the AVC curve. C. lies below the AFC curve. D. is the vertical summation of the MC and AVC curves.
The goal of the defendant is to ________ their ________.
A) maximize; gain B) minimize; loss C) minimize; gain D) maximize; loss
The greater the positive cross elasticity of demand between products A and B, the: a. greater the degree to which they are substitutes
b. greater the degree to which they are complements. c. smaller the elasticity of demand for both products. d. greater will be both products responsiveness to changes in income.