When marginal cost is below average total cost,
a. total cost is falling
b. average total cost is rising
c. average total cost is falling
d. average fixed cost is rising
e. total variable cost is falling
C
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Economic growth is slow or absent in some economies because those lack
A) political freedom. B) democracy. C) a strong government. D) cultural freedom. E) economic freedom.
Which of the following REDUCES equality of income or wealth relative to the market distribution?
A) government payments to the poor B) a regressive income tax C) high taxes on bequests D) non-assortative mating
Figure 7-1
Of the graphs in Figure 7-1, which best represents marginal physical product?
A. 1 B. 2 C. 3 D. 4
To attract more aggressive bidding in a common-value auction, as an auctioneer, you should
a. Release no information about the item b. Do not let the bidders examine the item closely c. Do not release any adverse information about the item d. Release maximum information about the item, even if it is adverse