The above figure shows the costs at Barney's Bagel Bakery. As the amount of output increases, the AVC curve approaches the ATC curve because the
A) TFC curve (not shown) slopes down.
B) AFC curve (not shown) slopes down.
C) MC curve is rising.
D) AVC curve is rising.
B
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Which one of the following is a positive economic statement?
a. An increase in the minimum wage will reduce employment for teenagers. b. The minimum wage should be increased. c. Social justice will be served by increasing the minimum wage. d. Thoughtful people oppose an increase in the minimum wage.
According to Keynesian economists,
a. the economy will return quickly to full employment in most cases b. if output is below its potential, the economy will soon return to full employment c. production can be stuck below its full-employment level for extended periods of time d. the Great Depression proved that classical economics does a good job of explaining how the economy operates e. he economy will achieve full employment in the short run but, in the long run, GDP will fluctuate
Comparing the United States to other economies, the United States is one of the ____ economy in the world
a. most government-supervised b. most privatized c. most government-owned d. least privatized
After a hurricane, several gas stations decide to keep their gas prices at the prehurricane level. An economist who most likely believes that there has to be some rational reason for this behavior is more than likely a(n):
A. engineering economist. B. irrational economist. C. traditional economist. D. Keynesian economist.