The U shape of the average total cost curve is because:
A. average productivity rises and then falls.
B. marginal product falls and then rises.
C. average productivity falls and then rises.
D. average productivity is constant.
Answer: A
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Water quality in the United States has ____ in the past 25 years
a. improved b. worsened c. remained unchanged d. improved slightly before a recent deterioration
Demand for Resources is _________
Fill in the blank(s) with the appropriate word(s).
Firms do not need to be concerned about striking a balance between the price effect and the output effect when making production decisions in which of the following types of markets?
a. oligopoly b. duopoly c. monopoly d. competitive markets
The United States has a comparative advantage in the production of wheat, and Haiti has a comparative advantage in the production of sugar. If both countries specialize based on the theory of comparative advantage
A. only the production of both goods will increase. B. only the production of wheat will increase. C. only the consumption of both goods will increase. D. the production and consumption of both goods will increase.