If marginal cost is increasing, then average variable cost must be increasing simultaneously.
a. true
b. false
b. false
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In the above figure, which of the following is TRUE regarding the movements from point A to B and from point C to D?
I) The movement from point A to B shows that the economy has chosen to produce 100 more jets. II) The movement from point C to D shows that the economy has chosen to produce 100 more jets. III) The movement from point A to B and from point C to D have the same opportunity cost. A) I and II B) I and III C) II and III D) I, II and III
Relative scarcities are indicated by
A) supply and demand being out of equilibrium. B) surpluses. C) excess demand and excess supply. D) relative prices.
The 1960s are remembered by most economists as a period of
a. very high rates of inflation. b. very high rates of unemployment. c. price controls and low inflation. d. noninflationary growth. e. all of the above.
Consumption expenditures include spending by households on:
A. inventories. B. exports. C. residential housing. D. services.