Impulse control problems can arise when people:
A. discount the future too little.
B. place too much weight on future costs and benefits.
C. place too little weight on current costs and benefits.
D. discount the future too heavily.
Answer: D
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When the cost curves have U-shapes, at the point where marginal cost equals average total cost:
a. b and c. b. marginal cost is rising. c. average total cost is at its minimum. d. average variable cost is falling. e. the fixed cost has been fully depreciated.
Government intervention that fails to improve economic outcomes is known as market failure.
Answer the following statement true (T) or false (F)
In the derivation of AVC, to find its minimum, you need
A. The flattest slope on the TC. B. the minimum-slope ray out of the origin to the A. C. the minimum-slope ray out of the origin to the TVC. D. the minimum-slope ray out of the origin to the TC.
The formula ?q/?L represents
A. the average product of labor. B. the capital-to-labor ratio. C. total product. D. the marginal product of labor.