The long-run average cost of production is defined as:
A. total cost divided by the quantity of output the firm chooses when at least one factor is fixed.
B. total cost divided by the quantity of output the firm chooses when it can choose a production facility of any size.
C. the quantity produced by a firm that can choose any size production facility.
D. the quantity produced by a firm when at least one factor is fixed.
Answer: B
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People who lost their jobs as hand-drawn animators because of the popularity of computer-generated 3D animation are examples of persons who are suffering
A) cyclical unemployment. B) frictional unemployment. C) seasonal unemployment. D) structural unemployment. E) unnatural unemployment.
The slope of the planned expenditure line is
A) autonomous consumption. B) the marginal propensity to save. C) autonomous planned spending. D) the marginal propensity to consume.
Consider what most economists believe is the effect of minimum wage on unemployment in the United States. Based on that, in which of the following types of countries would the minimum wage have the most significant effect on unemployment?
a. countries with a high GDP b. countries with a low life expectancy c. countries with a high infant mortality rate d. countries with a high level of union participation
Refer to the information provided in Table 36.1 below to answer the question(s) that follow. Table 36.1PersonWeight (lbs)Abe160Boris210Calvin300Darius185Eddie240Franklin175A study to determine the effect that the weight of an average 6 ft. tall man has on the incidence of Type 2 diabetes was conducted in a small town. The six participants and their corresponding weights are listed in the table.Related to the Economics in Practice on p. 728: Refer to Table 36.1. When using regression discontinuity, if this study had a threshold of 200 pounds, the outcomes of which individuals would be compared?
A. Abe, Darius, and Franklin B. all six individuals C. Abe and Calvin D. Boris and Darius