All of the following cost curves are U-shaped except one. Which curve is not U-shaped?
A) the average variable cost curve B) the marginal cost curve
C) the average total cost curve D) the average fixed cost curve
D
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Refer to the figure above. What is the optimal number of machines rented if the market rental price is $8 per month?
A) 20 machines B) 40 machines C) 160 machines D) 180 machines
An advantage of discretionary policy might be that ________
A) it has been shown to be more efficient than rules B) it is more flexible than rules C) it requires a binding plan in advance to deal with economic problems D) all of the above E) none of the above
In the above figure for a monopolistically competitive firm, the profit-maximizing output and price are respectively
A) 80 units and $11. B) 50 units and $8. C) 60 units and $9. D) 60 units and $14.
The long-run Phillips curve suggests that changing the rate of unemployment in the economy has no impact on the inflation rate
a. True b. False Indicate whether the statement is true or false