Refer to Figure 7.1. At what level of output are average total cost, average cost, average fixed cost and marginal cost increasing?
A) Q2
B) Q3
C) Q4
D) Q5
E) none of the above
E
Economics
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When a monopolistically competitive firm is in long-run equilibrium: a. the demand curve will be perfectly elastic. b. marginal cost must be falling
c. price exceeds marginal cost. d. marginal revenue exceeds marginal cost.
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Specialization is the concept of devoting resources to the production of only a small number of goods and services
a. True b. False Indicate whether the statement is true or false
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If a good is inferior, then an increase in income will cause the demand curve to
A. shift left. B. stay the same. C. shift right. D. rotate inward.
Economics
Refer to Exhibit 2-1. Scarcity exists
 ANSWER 3.png)
Economics