If both the marginal cost and the average variable cost curves are U-shaped. At the minimum point on the average variable cost curve, the marginal cost must be:
a. greater than the average variable cost.
b. less than the average variable cost.
c. equal to the average variable cost.
d. at its minimum.
c
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Suppose that the price of bread rises. This rise could be the result of
A) a decrease in the supply of bread. B) an increase in the supply of bread. C) a decrease in the demand for bread. D) Both answers A and C are correct. E) Both answers B and C are correct.
The ________ curve has a positive slope because as prices of final goods and services rise, prices of inputs rise more slowly
A) short-run aggregate demand B) short-run aggregate supply C) long-run aggregate supply D) long-run aggregate demand
While Africa has the largest numbers of working children, Asia has the highest proportion of working children, with an estimated one in four employed
Indicate whether the statement is true or false
The growth over time in the spread between price and marginal cost of an exhaustible resource is equal to
A) zero. B) one. C) the interest rate. D) the present value of the reserves.