When the average variable cost curve is upward sloping, what must be true about the marginal cost curve?
A) It is U-shaped.
B) It is above the average variable cost curve.
C) It is upward-sloping.
D) It is below the average variable cost curve.
E) It is a straight line.
Ans: B) It is above the average variable cost curve.
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When all relevant information is used to forecast inflation, the resulting forecast is called
A) a rational expectation. B) a natural expectation. C) an expected forecast. D) an expansionary expectation. E) the expected expectation.
People who run businesses on a day-to-day basis are called:
A. engineers. B. technology experts. C. business managers. D. entrepreneurs.
A short-run production function was estimated asQ = ?0.002L3 + 0.16L2At 60 units of labor, what is average product?
A. 3.7 B. 9.4 C. 6.4 D. 2.4 E. 8.6
Which of the following statements about this graph is accurate?
a. MD2 has a lower RGDP than MD3
b. MD1 has a higher RGDP than MD2
c. MD3 has a lower price level than MD1.
d. MD1 has a higher price level than MD2.