Technological change:
A. does not reduce average total cost but does change production techniques.
B. reduces average total cost by expanding plant size.
C. reduces average total cost by changing production techniques.
D. reduces average total cost without changing production techniques.
Answer: C
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A. Joe; Joe B. Ralph; Larry C. Larry; Joe D. Larry; Ralph
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Maureen left her teaching job, which paid $30,000 per year, and invested $20,000 of her retirement fund (which was earning 10 percent interest) in a new real estate business. Her accountant predicted a $60,000 revenue the first year. Her husband, an economist, forecast her profit to be
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