As illustrated in the above figure, after 40 gallons are produced each hour at Ike's Ice Cream Kitchen, the AVC curve starts to slope upward. The AVC starts to slope upward because the
A) MC curve slopes upward.
B) MC exceeds the AVC.
C) ATC curve has not yet reached its minimum.
D) None of the above answers is correct.
B
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Which of the following goods is likely to have the highest price elasticity of demand?
A) Salt B) Gasoline C) Life-saving drugs D) Ketchup
Nominal GDP in the United States was higher in 2012 than in 1950, but Real GDP was higher in 1950 than in 2012
Indicate whether the statement is true or false
There is no good reason for K-12 education to be free.
Answer the following statement true (T) or false (F)
Democrats often argue in favor of what to push the economy toward economic recovery, as they did during the recession that began in 2008?
A. Tax cuts B. Increase government spending C. Decrease government spending D. Encourage the public to save more