Which of the following must be true if the short-run average total cost curve is declining?
a. Marginal cost is less than average total cost
b. Marginal cost is less than average variable cost.
c. Marginal cost is greater than average total cost.
d. Marginal cost equals average total cost.
a
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There is an inverse relationship between the price level and aggregate expenditures
Indicate whether the statement is true or false
The inefficiency in a monopolistic competitive firm is accepted because of which of the following?
a. There is nothing that can be done to avoid the deadweight loss. b. The government creates the differentiation. c. Consumers like the variety differentiation produces. d. Consumers do not like the variety differentiation produces.
If a city council holds hearings on a proposed law that would require all restaurants to provide segregated tables for nonsmokers, the people most likely to be well represented at the hearings are
What will be an ideal response?
When the price level in the United States rises relative to the price level of other countries, ________ will rise, ________ will fall, and ________ will fall
A) imports; exports; net exports B) exports; imports; net exports C) net exports; exports; imports D) net exports; imports; exports