When the average total cost is rising, it must be the case that the
a. average total cost is below average fixed cost
b. fixed cost is not very high
c. marginal cost is greater than the average variable cost
d. average fixed cost exceeds average variable cost
e. average variable cost exceeds average total cost
C
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In the first chapter of The Wealth of Nations, Smith introduces the idea of the __________, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.
Explain how a diversified portfolio can reduce fluctuations in returns even when the economy as a whole is experiencing contractions and expansions.
What will be an ideal response?
Which of the following reasons why women earn less than men is considered by some to be economic, and by others to be sociological?
A. Women outnumber men. B. Women are the only ones who can give birth. C. The average man is physically stronger than the average woman. D. Women are more likely to choose flexible, part-time employment to manage the needs of their family.
The formula for present discounted value is ________, where R dollars is to be paid t years in the future and the agreed upon interest rate is r.
A. (1 + r)t/R B. (1 + r)/Rt C. R/(1 + r)t D. R(1 + r)t