At an output ________ of a firm's short run average total cost curve, a firm can use its fixed capital input at a lower average cost but only by using its variable input at a higher average cost.
A. equal to the highest level
B. prior to the minimum point
C. beyond the maximum point
D. beyond the minimum point
Answer: D
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If you reject a joint null hypothesis using the F-test in a multiple hypothesis setting, then
A) a series of t-tests may or may not give you the same conclusion. B) the regression is always significant. C) all of the hypotheses are always simultaneously rejected. D) the F-statistic must be negative.
Comparative advantage explains how two nations can benefit from trade.
Answer the following statement true (T) or false (F)
The cost of the resources used by domestic producer groups including the lobbying fees, propaganda, and legal restrictions, is collectively referred to as the cost of:
a. enforcement and implementation. b. rent seeking. c. retaliation. d. collective action.
The definition of a normal good suggests that the
A. income elasticity of demand for the good is greater than 0. B. income elasticity of demand for the good is negative. C. price elasticity of demand for the good is negative. D. cross-price elasticity of demand for the good is positive.