When the marginal cost curve is below the average total cost curve, the average total cost curve must be falling.
Answer the following statement true (T) or false (F)
True
If the marginal cost is less than the average total cost, the average total cost must be decreasing. For instance, if you have a 3.5 GPA and get only a 3.0 in your last (marginal) accounting class, your GPA will fall.
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If a farmer’s opportunity cost of producing 10,000 bushels of wheat is 5,000 fewer bushels of soybeans, then his or her opportunity cost of producing 5,000 bushels of soybeans must be 10,000 fewer bushels of wheat.
Answer the following statement true (T) or false (F)
Refer to Figure 13-11. What is the monopolistic competitor's profit maximizing price?
A) P1 B) P2 C) P3 D) P4
Which of the following has the highest velocity of money?
a. A $5 bill has four exchanges in four days. b. A $10 bill has seven exchanges in five days. c. A $1 bill has two exchanges in three days. d. A $20 bill has three exchange in six days.
A full-time student who is not working is categorized as
A) unemployed. B) employed. C) not in the labor force. D) a discouraged worker. E) frictionally unemployed.