The average total cost curve is U shaped in the short run but this is not true for the average total cost curve for the long run.
Answer the following statement true (T) or false (F)
False
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In the United States, leisure is a significant element in developing an accurate measure of
a. national income. b. personal income. c. disposable personal income. d. the standard of living.
The amount of interest owed on a loan of $75,000 after a year at an interest rate of 1 percent is:
A. $75,750. B. $7,500. C. $82,500. D. None of these is true.
Despite the fact that water is necessary to sustain life, it is less expensive than milk. Economic theory suggests that this is so because
A. there is a conspiracy among milk producers to hold prices artificially high. B. sellers of water hold the price of water artificially low because of its importance. C. although the total utility of water consumption is high, its marginal utility per dollar spent is low when compared to milk. D. consumers are irrational.
Product differentiation allows a firm to charge a higher price because the residual demand curve facing the firm
A) is more elastic than the residual demand curve without product differentiation. B) is less elastic than the residual demand curve without product differentiation. C) is horizontal. D) shifts to the left.