A total cost function will start
A. at the origin if there are fixed costs.
B. at the origin if there are no fixed costs.
C. on the vertical axis if there are no fixed costs.
D. on the horizontal axis.
Answer: B
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Refer to Mexico and Japan. What is the cost of producing cloth in Japan?
a. 1/2 bushel of food per bolt of cloth.
b. 3/4 bushel of food per bolt of cloth.
c. 4/3 bushels of food per bolt of cloth.
d. 3 bushels of food per bolt of cloth.
According to this Application, some economists noticed that the U.S. dollar ________ largely because monetary policy in the United States had driven interest rates ________
A) depreciated; up B) appreciated; up C) appreciated; down D) depreciated; down
The Lorenz curve represents the distribution of income
a. True b. False Indicate whether the statement is true or false
In the graph shown above, equilibrium price is _______.
A. $25
B. $30
C. $35
D. $40