The long-run average total cost curve represents:
a. the maximum cost of producing any level of output when all the factors are fixed.
b. the lowest cost of producing any level of output when all the factors are variable.
c. the maximum cost of producing any level of output when all the factors are variable.
d. the lowest cost of producing any level of output when all the factors are fixed.
e. the lowest cost of producing any level of output when at least one factor is fixed.
b
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Refer to above figure. With a specific tariff of $3 per unit, what is the quantity of Widgets consumed domestically?
What will be an ideal response?
The value of a country's imports cannot exceed the value of its exports
a. True b. False
If the production of 2,000 cars and 500 tons of corn during a year is economically efficient for a country which produces only these two products, which of the following conclusions can be drawn?
a. It satisfies domestic demand completely. b. The production of cars can not be increased without reducing the production of corn. c. The reallocation of resources to change the production level must reduce production of both goods. d. It is possible to increase the production of both if resources can be reallocated.
One study found that unemployment is the economic term mentioned most often in U.S. newspapers
a. True b. False Indicate whether the statement is true or false