When economies of scale are present, the LRAC curve touches each short-run ATC curve
A) to the left of the ATC curve's minimum point.
B) to the right of the ATC curve's minimum point.
C) at the ATC curve's minimum point.
D) at no points.
A
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Which government agency publishes four-firm concentration ratios?
A) the Economic Council B) the U.S. Bureau of the Census C) the Federal Reserve System D) the Treasury Department
The nominal interest rate cannot fall below
A) the real interest rate. B) the rate of growth in the money stock. C) 2%. D) zero.
Mrs. Smith is given a government subsidy for an apartment in a public housing project. The apartment
A) is not subject to the principle of rival consumption. B) is not a public good. C) has widespread benefits and concentrated costs. D) is subject to the free-rider problem.
Raising the minimum wage would:
A. help some workers while hurting others. B. help all workers and hurt all firms. C. hurt all workers and help some consumers. D. help workers and help consumers.