Average cost
a. is always larger than marginal cost.
b. declines for some range of output, hits a minimum, and then increases.
c. is always smaller than marginal cost.
d. is total cost/price of the product.
b
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Developing countries send their best students to get an education in developed countries to help develop
A) better political skills. B) more education people. C) a skilled work force. D) a channel of communications.
The primary reason most oligopolists do not become monopolists is
a. inadequate profit b. disinclination to merge c. fear of government d. inability to prevent competitors from entering the industry e. inability to differentiate their goods
Aggregate demand includes
a. only the quantity of goods and services households want to buy. b. only the quantity of goods and services households and firms want to buy. c. only the quantity of goods and services households, firms, and the government want to buy. d. the quantity of goods and services households, firms, the government, and customer abroad want to buy.
According to the convergence hypothesis, as the rate of technological adoption rises in poorer countries,
A. the gap between rich and poor countries increase. B. income inequality rises. C. the flow of net exports can be reduced. D. the gap between wealthy and poor countries close.