Refer to the accompanying table below. The average cost of 4 units of this activity is:Units of ActivityTotal CostTotal Benefit0$0$01$30$1002$40$1603$60$1904$100$2105$150$2206$210$225
A. $25
B. $30
C. $40
D. $20
Answer: A
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As people have more time to adjust to a price change,
a. demand becomes more elastic, and supply becomes less elastic. b. demand becomes less elastic, and supply becomes more elastic. c. both supply and demand become less elastic. d. both supply and demand become more elastic. e. elasticity of both demand and supply tends toward unity.
The long-run average total cost curve
a. is an envelope-shaped curve mapped out by the short-run average total cost curves for alternative plant sizes. b. intersects the minimum point of each short-run average total cost curve for alternative plant sizes. c. rises throughout its entire range when increasing returns are present. d. falls throughout its entire range due to the law of diminishing returns.
A bowed outward production possibilities curve occurs when
A) opportunity costs are constant. B) resources are not scarce. C) additional units of output of one good necessitate greater reductions in the other good. D) there are surpluses in the goods being produced.
Which of the following is an example of a positive statement?
A. Cats are better pets than dogs. B. NCAA Football should have adopted a playoff system 10 years ago. C. An increase in minimum wage results in higher teenage unemployment. D. No one should be allowed to carry guns into the classroom.