The long-run average cost curve
A. is a curve which is tangent to each member of a set of short-run average cost curves.
B. is always a downward sloping straight line.
C. is identical to the marginal cost curve.
D. should always be horizontal.
Answer: A
You might also like to view...
In a competitive market the ________ curve shows the marginal benefit received by consumers and the ________ curve shows the marginal cost to producers
A) demand; market demand B) supply; demand C) supply; market supply D) demand; supply
Which of the following is not a permanent member of the FOMC?
A) The president of the New York Fed B) The president of the Philadelphia Fed C) The chairman of the board of governors D) All of the above are permanent members of the FOMC.
Bank runs are a possibility because
A) the FDIC is inefficient. B) bankers are often poor businesspeople. C) in difficult times people want currency instead of demand deposits. D) banks do not keep enough reserves to cover all their depository liabilities.
A _____ is a certificate of indebtedness and a _____ is a claim to partial ownership in a firm
Fill in the blank(s) with correct word