The tangency points between the long-run average cost curve (LRAC) and the short-run average cost curves (SRAC) are
A) always at the minimum of the SRACs.
B) never at the downward portion of the SRACs.
C) always at the maximum of the SRACs.
D) not necessarily at the minimum of the SRACs.
D
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Using real GDP to compare the level of economic well-being in two countries may be misleading because the value of ________ contributes to economic well-being, but is excluded from real GDP.
A. services B. capital goods C. formal education D. leisure
If the administration raises tuition on our campus in order to increase revenue, it will
a. not be successful if the demand curve slopes downward b. be successful if demand is elastic c. be successful if demand is inelastic d. be successful if supply is elastic e. be successful if supply is inelastic
Monetary policy is more effective in an open economy than in a closed economy
Indicate whether the statement is true or false
What percentage of the average U.S. firm's costs are accounted for by wages and salaries?
A. 40. B. 60. C. 75. D. 85.