When the average physical product is rising
A) total cost is falling.
B) average total cost is increasing.
C) average variable cost is falling.
D) marginal cost is always rising.
Answer: C
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If market demand for solar panels is specified as QD = 100 – 2.5P, the vertical intercept of demand, as conventionally graphed, is
a. +100 b. –100 c. –2.5 d. +40
Natural monopolies are of theoretical, but not practical interest.
Answer the following statement true (T) or false (F)
Moving downward along a linear (straight-line) downward-sloping demand curve, the
A. price elasticity of demand does not change. B. quantity demanded decreases. C. demand becomes more elastic. D. demand becomes less elastic. E. total revenue never changes. Reset Selection
The poverty trap refers to:
A. poorer countries having a harder time buying the things that will end their poverty. B. richer countries spiraling downward into poverty if they invest in the wrong industries. C. richer countries spiraling downward into poverty if they fail to invest enough in physical capital. D. All of these describe the poverty trap.