Which of the following is not a property of a firm's cost curves?
a. Marginal cost must eventually rise as a result of diminishing marginal product.
b. Average total cost is U-shaped.
c. Economies of scale will exist when average total cost falls as output rises.
d. Average total cost will cross marginal cost at the minimum of marginal cost.
d
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What is the difference between decreasing marginal returns and negative marginal returns?
What will be an ideal response?
A deadweight loss occurs as a result of a per-unit tax because: a. the government spends tax dollars less efficiently than do private citizens
b. there is a decline in output for units for which the marginal benefit exceeds the marginal cost. c. taxes cause an overproduction of output relative to the socially efficient level or production. d. a surplus is created.
High military spending has _____ the economic growth of LDCs.
Fill in the blank(s) with the appropriate word(s).
Keynes believed in all of the following EXCEPT.
A. the expected rate of profit was more important than the interest rate. B. recessions are temporary. C. expansionary government spending and tax cuts are cures for recessions and depressions. D. in the short run, aggregate demand should be manipulated to stabilize the economy.