The average total cost curve of a firm is U-shaped
a. True
b. False
Indicate whether the statement is true or false
True
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In the mid-1980s, the salaries of accounting professors with Ph.D.s increased dramatically. This resulted in an increase in enrollments in Ph.D. accounting programs. Since a Ph.D
degree in accounting may take at least four years to complete, the short-run elasticity of supply of accounting professors is A) greater than the long-run-elasticity of supply. B) less than the long-run elasticity of supply. C) equal to the long-run elasticity of supply. D) equal to the short-run elasticity of demand.
A government agency charged with enforcing antitrust laws is
A) the Federal Reserve Board. B) the National Labor Relations Board. C) the Council of Economic Advisors. D) the Federal Trade Commission.
Explain the effect of the following changes on equilibrium price and quantity of a commodity: (a) increase in average incomes. (b) increase in population
To stop a speculative attack interest rates must be ________, which will ________ aggregate demand.
A. increased; increase B. decreased; decrease C. increased; decrease D. decreased; increase