If the U-shaped ATC curve is flattened out at its lowest point(s), we would have
A. diminishing returns.
B. increasing returns.
C. negative returns.
D. proportional returns to scale.
D. proportional returns to scale.
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The United States has less income inequality than
a. Ethiopia. b. United Kingdom. c. Vietnam. d. Mexico.
When aggregate demand shifts left along the short-run aggregate supply curve,
a. unemployment and prices rise. b. unemployment rises and prices fall. c. unemployment falls and prices rise. d. unemployment and prices fall.
Which of the following is a requirement for a perfectly competitive market?
A. Sellers maximize sales. B. There are barriers to entry. C. Buyers and sellers are price takers. D. There are indivisible setup costs.
Use the following graph to answer the next question.
The relationship between the average tax rate and the tax base in a proportional tax would be represented by
A. curve A. B. curve B. C. curve C. D. none of the curves.