Assume both the marginal cost and the average variable cost curves are U-shaped. At the minimum point on the AVC curve, marginal cost must be:
A. greater than the average variable cost.
B. ?less than the average variable cost.
C. ?equal to the average variable cost.
D. ?at its minimum.
Answer: C
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In January of 2001, the population of the United States was 276.8 million, the working-age population was 210.2 million, the total number of people employed was 140 million, and the total number of people unemployed was 5.0 million
What was the labor force participation rate? A) 78 percent B) 56 percent C) 69 percent D) 90 percent E) 67 percent
Assuming that beef and chicken are substitutes, an increase in the price of beef, other things being equal, will:
a. increase the demand for chicken. b. decrease the demand for chicken. c. not change the demand for chicken. d. decrease the demand for beef.
If a small change in price will lead to an infinite change in the quantity demanded, then the demand curve is: a. Perfectly elastic
b. Perfectly inelastic. c. Downward sloping. d. non-linear
Which statement is false?
A. Cigarettes, motor vehicles, and pipelines are industries with high concentration ratios. B. Oligopolized industries have higher concentration ratios than monopolistic competitors. C. The Electric Machinery Conspiracy case involved covert collusion. D. None of these statements are false.