MC = AVC and MC = ATC at points at which
A. the AVC and ATC curves are at their respective minimums.
B. the distance between the ATC and AVC curves is at its maximum.
C. the distance between the ATC and AVC curves is at its minimum.
D. the AVC and ATC curves are at their respective maximums.
Answer: A
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If the exchange rate appreciates, then the
A) quantity of dollars demanded increases. B) demand for dollars decreases. C) quantity of dollars demanded decreases. D) demand for dollars increases. E) supply of dollars decreases.
In the above figure, after the second worker is hired, the marginal product of labor is
A) increasing. B) diminishing. C) constant. D) zero.
Because firms can free ride on the research and development of other firms
A) firms choose a level of research and development where the marginal cost of research is above the economy's marginal return of research. B) firms choose a level of research and development where the marginal cost of research is equal to the economy's marginal return of research. C) firms choose a level of research and development where the marginal cost of research is below the economy's marginal return of research. D) firms choose a level of research and development where the marginal cost of research is below the individual firm's marginal return of research.
What is the best definition of legal tender?
a. a medium of exchange that has been established through custom or tradition b. a medium of exchange that the government has officially declared to be money c. money that is in the form of metallic coins and printed paper d. money that is backed by the gold standard