In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm, average total cost is
A. $7.
B. $70.
C. $10.
D. $3.
Answer: A
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It is conceivable that the APC, APS, MPC, and MPS could simultaneously be
A) APC = 1.0; APS = 0; MPC = 1.0; MPS = 0.15. B) APC = 1.0; APS = 0.1; MPC = 0.8; MPS = 0.25. C) APC = 1.3; APS = -0.3; MPC = 0.9; MPS = 0.1. D) APC = 0.8; APS = 0.2; MPC = 1.1; MPS = 0.1.
In the late 19th century, the chief railroad terminus was:
a. New York. b. Chicago. c. New Orleans. d. St. Louis.
In the monetarist view, the money supply affects the economy
A. through investment spending and government spending. B. indirectly through interest rates. C. directly, apart from interest rates. D. by altering the size of the money multiplier.
"As we consume increasing amounts of a good or service, we derive diminishing utility from each additional unit consumed" defines ______________________.
Fill in the blank(s) with the appropriate word(s).