Refer to the information. Average total cost is:
Answer the question on the basis of the following information:
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"If the price of wine increases, the quantity purchased will increase." Is this a positive or a normative economic statement? Explain your answer
According to research data on welfare, the typical welfare recipient
a. has little ambition and refuses to exert much effort to find employment b. had a criminal record as a teenager c. is found evenly spread out in every geographic area of the United States d. often scores on the lowest levels of literacy tests e. finds it easy to gain high-wage employment
Output per unit of input measures
A. The inequality trap. B. The investment rate. C. Per capita GDP. D. Productivity.
A potential negative effect of advertising for society is that it can:
A. be self-canceling and contribute to economic inefficiency. B. lower barriers to entry and undermine profits in the industry. C. reduce mutual interdependence and increase competition. D. be the major cause of price wars among firms in the industry.