The marginal cost curve:
a. is a vertical line
b. generally rises at first and then declines as output expands.
c. generally falls at first and then rises as output expands.
d. intersects the average variable cost curve from below at its maximum point.
c
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The government makes all economic decisions in a centrally planned economy
Indicate whether the statement is true or false
An amusement park charges an entrance fee of $75 per person plus $2.50 per ride. This is an example of
A) first-degree price discrimination. B) a two-part tariff. C) second-degree price discrimination. D) bundling. E) tying.
The more available substitutes there are for a good, the
a. larger the number of consumers b. smaller the number of consumers c. smaller the supply side response d. more elastic the demand for that good e. less elastic the demand for that good
Cashing out capital gains in Virtual Currency System #3 (i.e., turning virtual capital gains into real world currencies) causes the nation's:
a. Monetary base to fall. b. M2 money supply to fall. c. M2 money multiplier to remain the same. d. M2 money supply to rise.