Suppose the cost function is C(Q) = 50 + Q ? 10Q2 + 2Q3. At 10 units of output, the average cost curve is:
A. in the declining stage.
B. at the minimum level.
C. at the maximum level.
D. in the increasing stage.
Answer: D
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When will a shortage occur in a market?
a. When the actual price is lower than the equilibrium price b. When quantity supplied is greater than the equilibrium quantity c. When the quantity that consumers are willing and able to purchase decreases d. When the quantity available at zero price is insufficient to meet demand e. When a price floor is set in the market
The result of the large tax cuts in the first Reagan Administration demonstrated very convincingly that Arthur Laffer was correct when he asserted that cuts in tax rates would increase tax revenue
a. True b. False Indicate whether the statement is true or false
A bank is able to make new loans equal to:
A. legal reserves of the bank. B. total reserves of the bank. C. required reserves of the bank. D. excess reserves of the bank.
If an economy produced 220 pounds of jelly beans at $5 per pound and 90 pounds of gum drops at $2 per pound in 2016, its real gross domestic product (GDP) was:
A. 310 pounds of candy. B. $180. C. $1,100. D. $1,280.