_____ is the locus of the minimum points of various short-run average cost curves depicting different plant sizes
a. Long-run marginal cost
b. Expansion path
c. Long-run average cost
d. Isocost
C
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Japan was accused of dumping in the steel industry within the United States when it
A) negotiated an illegal agreement to raise prices with U.S. steel industries. B) prohibited imports of U.S. steel into Japan. C) sold steel in the United States at a price below its cost of production. D) negotiated an illegal trade deal with Canada.
If the total expenditures of a typical family equaled $40,000 per year in 2015 and the exact same basket of goods and services cost $45,000 in the year 2017, the family's cost of living:
A. increased by 12.5 percent. B. decreased by 11.1 percent. C. decreased by 12.5 percent. D. increased by 11.1 percent.
Some employers allow new employees to delay their investment in a retirement account for a year or two. This approach puts the cost of saving for retirement in the ________ and the benefit of saving in the ________.
A. present; present B. present; future C. future; present D. future; future
In monopolistic competition, a firm
A. Has a standardized product that all firms produce. B. Has no market power. C. Captures significant economies of scale. D. Has a downward-sloping demand curve.