Under which circumstances could the marginal cost and average variable cost curves be one and the same?
What will be an ideal response?
This would only be true if the marginal cost curve was constant. That would mean that total variable cost would change by the same amount with each additional unit of output produced.
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Explain the difference between a tariff and a quota. What impact do tariffs and quotas have on the prices of domestic and imported goods?
What will be an ideal response?
If the real interest rate increases from 3 percent to 5 percent
A) the nominal interest rate will also increase. B) the demand for loanable funds curve will shift rightward. C) there will be a movement up along the demand for loanable funds curve. D) the supply of loanable funds curve will shift rightward.
If C = $250, I = $50, G = $60, NX = -$20, and NFP = $5, how much is GNP?
A) $365 B) $335 C) $340 D) $345
Virtually all of the decline in labor force participation by elderly males is due to increased physical requirements of labor plus diminished health status
Indicate whether the statement is true or false