Draw a graph of AVC, ATC, and MC.
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In the short run, the aggregate supply curve:
A. slopes upward. B. slopes downward. C. is perfectly elastic. D. is perfectly inelastic.
If people began to retire at a later age and there was an increase in the capital stock, real GDP growth would ____ and real GDP growth per capita would ____. a. increase; increase
b. increase; be indeterminate. c. decrease; decrease. d. decrease; be indeterminate
When a price fails to reflect all the costs of a product, too much of it is produced and/or consumed
a. True b. False Indicate whether the statement is true or false
"Learning by doing" allows an incumbent firm to deter entry because
A) it raises the incumbent's marginal cost B) it lowers the incumbent's marginal cost C) it shifts the demand for the good rightward D) it is only available to incumbents and not future entrants