If the marginal cost curve is below the average variable cost curve, then
A. average variable cost is increasing.
B. marginal cost is increasing.
C. average variable cost is decreasing.
D. average variable cost is constant.
Answer: C
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Adam Smith noted that people are adept at which of the following?
A. Confusing themselves if given the chance. B. Proving the truth of “Murphy’s Law.” C. Denying themselves for the sake of others. D. Pursuing their own self-interest. E. All of the responses are correct.
A price-discriminating monopolist will tend to charge a lower price to students if it believes that students: a. have a lower willingness to pay than other demanders. b. have a greater willingness to pay than other demanders. c. have very elastic demand curves
d. have nearly vertical demand curves.
The marginal productivity theory is irrelevant to organizing production in a socialist society
a. True b. False Indicate whether the statement is true or false
Explain what is meant by the time inconsistency of monetary policy