If average cost is positive,
A) marginal cost equals average cost.
B) marginal cost exceeds average cost.
C) marginal cost is less average cost.
D) Not enough information is given.
D
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Refer to Table 20.2. Is the tax system represented in the table progressive, regressive, or neither one? How can you tell?
What will be an ideal response?
Which of the following statements is true?
A) A natural monopoly always arises from government intervention in the market. B) An increase in consumer demand can change a natural monopoly into a multi-seller market. C) A natural monopoly earns higher profits than a monopolistically competitive firm because it faces an upward sloping market demand curve. D) A natural monopoly earns higher profits than a monopolistically competitive firm because it faces a horizontal market demand curve.
In a city with rent-controlled apartments, all of the following are true except
A) landlords have an incentive to rent more apartments than they would without rent control. B) apartments usually rent for rates lower than the market rate. C) it usually takes more time to find an apartment than it would without rent control. D) apartments are often in shorter supply than they would be without rent control.
Which of the following will lower interest rates in the short run?
a. an increase in reserve requirements b. open market sales by the Fed c. a decrease in real GDP d. an increase in the price level