In the figure above, curve A is the ________ curve
A) average fixed cost
B) average variable cost
C) average total cost
D) marginal cost
D
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Suppose two economic models give the same predictions --- but one is simplistic and unrealistic in its assumptions while the other is rich in detail and resembles the real world more closely. If the sole goal of the economist is to predict, then the economist should use the simple and unrealistic model.
Answer the following statement true (T) or false (F)
A good way to encourage agricultural production is to
a. encourage farmers to work harder b. subsidize input prices for farmers c. permit farm prices to rise with increasing demand d. create a monopoly firm to buy all farm output e. all of the above
The above table shows the short-run production function for Albert's Pretzels. The average product of labor
A) increases first and then decreases. B) decreases first and then increases. C) decreases throughout. D) increases throughout.
An individual's payment into Social Security is kept in his or her account so that the individual retirement benefit he or she receives is drawn from that account
Indicate whether the statement is true or false