Tony's Taco Truck has an average variable cost of $1.50 and a marginal cost of $2 when it produces 50 units of output (tacos). We can conclude that the average variable cost of producing 51 tacos is
a. higher than $1.50
b. lower than $1.50.
c. equal to $1.50
d. either higher or lower than $1.50 depending on the direction of the marginal cost curve.
a
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a. is higher than it was in the 1940s b. is not unlike the ratios in most industrialized countries c. is substantially less than the ratios in most industrialized nations d. is approximately 0.33 e. puts the U.S. economy on the verge of bankruptcy
The present value of a future payment to be received in three years is $1,000 . If the interest rate is 5%, what is the amount that will be paid in three years?
a. $1,150.00 b. $1,157.63 c. $1,215.51 d. $1,250.00
Within the circular flow model, the level of total resource income and total spending on output will be approximately equal.
Answer the following statements true (T) or false (F)