As output increases,
A. ATC reaches a minimum before AVC.
B. AVC reaches a minimum before ATC.
C. ATC and AVC reach a minimum at the same output.
D. there is no way to determine whether ATC or AVC will reach a minimum first.
B. AVC reaches a minimum before ATC.
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Izzy Amador is a highly talented tattoo artist. She has chosen to specialize in tattoo art because of all of the following except
A) for her, this is the most lucrative way to purchase the products that she wants to consume. B) her tattoos are highly esteemed by tattoo lovers who are willing to pay very high prices. C) her opportunity cost of pursuing another career is very low. D) she obviously has a comparative advantage in tattoo art.
The limits of the terms of trade are determined by the:
a. distribution costs in each country. b. stock of foreign exchange in each country. c. average total costs of producing the commodities in each country. d. opportunity costs in each country. e. currency exchange rate between the trading partners.
The knowledge and skills acquired by a worker through education and experience is a description of which factor of production?
A. physical capital B. human capital C. labor D. entrepreneurship
What is the purpose of antitrust legislation?
What will be an ideal response?