Where marginal cost is less than average cost,
A. opportunity cost must have been excluded from the calculation of marginal cost.
B. marginal cost must be falling.
C. marginal cost must be rising.
D. marginal cost may be rising, falling, or constant.
Answer: D
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Compared to a perfectly competitive market, a monopoly tends to produce
a. more output and charge a higher price b. the same amount of output, but charge a higher price c. less output and charge a higher price d. less output and charge the same price e. less output and charge a lower price
In theory, the long-run supply curve for perfectly competitive market firms who are identical is:
A. perfectly elastic. B. perfectly inelastic. C. upward sloping. D. downward sloping.
A trade deficit experienced by a country during a year generally signals the poor health of the economy
a. True b. False Indicate whether the statement is true or false
According to proponents of the signaling theory of education,
a. schooling has no real productivity benefit. b. no one person finds it easier to earn a college degree than does any other person. c. the human-capital view of education is entirely correct. d. employers send signals to young people to persuade them to expend whatever effort is necessary to earn college degrees.