As output increases, average total cost decreases
A) constantly.
B) as the average product of labor decreases.
C) initially and then starts to increase.
D) in the long run and the short run.
E) as long as average fixed cost decreases.
C
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Inflation is the increase in:
A. imports relative to exports. B. total output per worker. C. total output. D. the general level of prices.
Other things remaining the same, if the expected future exchange rate rises, the demand curve for U.S. dollars shifts ________ and the supply curve of U.S. dollars shifts ________
A) rightward; rightward B) rightward; leftward C) leftward; rightward D) leftward; leftward
The market demand for an item is
a. the sum of individual demands. b. steeper for any given price change than the individual demand curves. c. independent of the number of individuals in the market. d. determined by dividing the quantity demanded by each individual by the number of individuals in the market.
Which of the following is an argument in favor of judging competitiveness by performance rather than structure?
A. Under the judgment by structure criterion, a firm may be breaking the law if it does what it's supposed to be doing: producing the best product it can at the lowest cost. B. Courts know little economic theory. C. Structure can be a predictor of future performance. D. Judgment by performance requires that each action of a firm be analyzed on a case-by-case basis, which is very time-consuming and expensive.