If Marginal cost is lower than Average Cost (AC), average cost is
a. falling
b. rising
c. constant
d. none of the above
a
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According to the laws of demand and supply, if the price of beef increases, which of the following likely will occur?
A. The quantity demanded will decrease. B. The quantity demanded will remain constant. C. The quantity demanded will increase. D. The equilibrium price will increase but there will be no change in the market price. E. The quantity supplied will decrease.
In 2008, Agriculture Secretary Ed Schafer announced that Chile's Livestock and Agricultural Service approved the U.S. inspection, control and certification systems for poultry, allowing these products to enter the Chilean market
What is NOT an effect of this change in Chilean policy on the Chilean poultry market? A) Chile's tariff revenue will increase. B) The quantity of poultry consumed in Chile will increase. C) The quantity of Chilean imports will increase. D) The price for poultry in Chile will decrease.
Countercyclical fiscal policy is designed to moderate the severity of the business cycle
Indicate whether the statement is true or false
Assuming that full employment of labor is considered 5 percent unemployment, in 1998 and 1999, the United States economy operated ____________ the production possibilities frontier.
Fill in the blank(s) with the appropriate word(s).