The long-run average cost curve defines the minimum average cost of producing alternative levels of output, allowing for optimal selection of:
A. sunk cost factors of production.
B. only one factor of production.
C. all factors of production.
D. fixed factors of production.
Answer: C
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A medical researcher suggests that the new flu shot will prevent all forms of the flu, but it was never tested or proved to be true. Which of the following antitrust acts are being violated?
A. Clayton Act B. Sherman Act C. Federal Trade Commission Act D. No Antitrust law is being violated
In the quantity theory of money, the quantity of money is assumed to
A) not influence the velocity of circulation. B) rise during recessions. C) fall during recessions. D) be constant.
Full-employment GDP is also known as
A) balanced-budget GDP. B) politico-economic GDP. C) potential GDP. D) realized GDP.
Many developing countries make the government budget one of the primary tools of long-run industrial development, with the government owning and operating industries such as steel mills, airlines, and phone companies
Indicate whether the statement is true or false