Normative economic statements
a. can’t be verified.
b. deal with “what is”.
c. consider the effect one variable has on another variable .
d. None of these.
a. can’t be verified.
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Refer to Table 13-3. What is its average variable cost of production at its optimal output level?
A) $0 (because its optimal output = 0 ) B) $15 C) $14.75 D) $29
Suppose a monopolist's costs and revenues are as follows: ATC = $45.00; MC = $35.00; MR = $35.00; P = $45.00. The firm should
A) increase output and decrease price. B) decrease output and increase price. C) not change output or price. D) shut down.
Management gets two numbers (price and quantity) from one decision because
a. the marginal utility of goods is fixed. b. producers use both technical and financial information. c. the demand curve consists of price and quantity pairs. d. the average cost curve has only one low point.
Recognition lag is the time it takes for policymakers to recognize the existence of an economic expansion or a recession
a. True b. False Indicate whether the statement is true or false