If average variable cost is $74 and total fixed cost is $100 at 5 units of output, then average total cost at this output level is:
A. $91
B. $94
C. $97
D. $100
B. $94
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Unemployment occurs even during periods when the economy is growing
Indicate whether the statement is true or false
Refer to Figure 9.3. The firm's profit it represented by what area?
A. AHID
B. ABCD
C. DCK0
D. EFG0
Healthcare price controls will lead to
a. more innovative healthcare treatments. b. waiting lines and lengthy delays for treatment. c. higher quality healthcare services. d. an increase in the supply of healthcare services.
The countries that dominated world manufacturing in the 1700s were overtaken by 1900 and are now considered struggling nations. Economic structuralists say this happened because Europe developed its economy by
a. establishing capital markets for technologies and industries. b. creating political systems that encouraged innovation and investment. c. conquering and impoverishing the rest of the world. d. letting commerce flourish rather than controlling it.