A firm's marginal cost curve
a. is always U-shaped.
b. always has a positive slope.
c. is always below its average cost curve.
d. always intersects its average cost curve at its minimum point.
d
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Refer to Figure 4-15. How much of the tax is paid by buyers?
A) $2 B) $5 C) $7 D) $12
According to the Keynesian view, the proper response to a severe recession would be
a. an increase in taxes in order to reduce the budget deficit. b. an increase in government spending financed by borrowing. c. a shift toward a restrictive monetary policy to reduce aggregate demand. d. reliance on automatic stabilizers to direct the economy toward full employment.
The World Trade Organization is called _______________ because it involves many, if not most, of the nations in the world.
a. a bilateral trade organization b. a trilateral trade organization c. a multilateral trade agreement d. a quasi-political trade organization
Which of the following is NOT necessary for price discrimination to occur?
A. The firm must be able to separate the market into identifiable groups. B. The firm must have a downward sloping demand curve. C. The firm has to be able to prevent resale of the product or service. D. The firm must be selling a durable good.