Internal market forces include all of the following except
A. Innovation.
B. Trade disruptions.
C. Population growth.
D. Spending behavior.
Answer: B
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When marginal cost is greater than average total cost, the
A) marginal cost decreases as output increases. B) marginal cost does not change as output increases. C) average total cost increases as output increases. D) average total cost decreases as output increases.
The movement of the vertical _____ curve to the _____ reflects the increase in potential output on account of the development of new technologies, and increase in the quantity and quality of resources
a. long-run aggregate supply; right b. short-run aggregate supply; right c. short-run aggregate demand; left d. long-run aggregate demand curve; left e. long-run aggregate supply; left
Which of the following is not one of the fundamental economic questions all societies must face? a. What goods and services are to be produced?
b. How goods and services are to be produced? c. Which goods and services are to be produced by the government? d. Who is to receive the goods and services produced in the society?
Which of the following offers the most likely explanation of why average total cost is falling in a cereal factory?
a. Production bottlenecks and equipment breakdowns have stalled production. b. The production facility was designed for a lower level of output. c. The wholesale prices of grains and fruit have risen due to market demands. d. The cost of producing an additional box of cereal is less than the factory’s average total cost.