Using the above table, we see that when output is 4 units, average total cost equals
A. $6.00.
B. $3.50.
C. $24.00.
D. $14.00.
Answer: A
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A monopolistic competitor earns zero economic profits if ________
A) price is higher than average total cost B) price is lower than marginal cost C) price is equal to marginal cost D) price is equal to average total cost
Refer to Table 20-14. The real average hourly earnings for 1965 in 1982-1984 dollars equal
A) $1.28. B) $6.49. C) $8.28. D) $15.45.
If other factors remain unchanged, technological progress in producing good X definitely will lead to
A) an increase in the market clearing price of good X and a decrease in the equilibrium quantity of good X. B) an increase in both the market clearing price and the equilibrium quantity of good X. C) a decrease in the market clearing price of good X and an increase in the equilibrium quantity of good X. D) a decrease in both the market clearing price and the equilibrium quantity of good X.
Which of the following groups believes that the economy can achieve full employment without inflation through tax reductions, lower resource prices, and deregulation?
A. Classical school B. Keynesian school C. Supply-side school D. Rational expectations school