Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C
B. Falling; A; C
C. Falling; A; B
D. Rising; A; C
Answer: D
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Average total cost:
A. is the sum of average fixed costs and average variable costs. B. is total cost divided by total output. C. is minimized when it equals marginal cost. D. All of these are true.
A shift in the supply curve of bicycles resulting from higher steel prices will lead to: a. higher prices of bicycles
b. lower prices of bicycles. c. a shift in the demand curve for bicycles. d. a larger output of bicycles.
In what geographic areas would a market-oriented system that remains closer to the command economy end of the spectrum most likely be found?
a. parts of Asia, Africa, and South America b. Cuba and North Korea c. Europe and the United States d. China and Russia
Prices usually reflect
a. only the value of a good to society. b. only the cost to society of making a good. c. both the value of a good to society and the cost to society of making the good. d. neither the value of a good to society nor the cost to society of making the good.