The ATC rises whenever the
a. upward pull of the AVC is greater than the downward pull of the AFC.
b. upward pull of the AFC is greater than the downward pull of the AVC.
c. AVC is equal to the AFC.
d. MC is above the AVC.
a. upward pull of the AVC is greater than the downward pull of the AFC.
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What aspects of a game are specified by "the rules of the game"?
A) timing of players' moves B) payoffs C) information available to each player D) All of the above
Suppose a lottery ticket costs $1 and the probability that a holder will win nothing is 99.9%. What must the jackpot be for this to be a fair bet?
a. 10 b. 100 c. 1,000 d. 10,000
An example of a standardized product is
A. toothpaste. B. a restaurant meal. C. paper towels. D. an egg.
The freedom of entry and exit in monopolistic competition means that firms
A) enter the market when economic losses are being suffered. B) exit the market when economic profits are being earned. C) enter the market when normal profits are being earned. D) can enter a market to compete for economic profits and leave when economic losses are being incurred. E) find it easy to permanently earn an economic profit.