Where marginal cost is less than average total cost,
a. opportunity cost must have been excluded from the calculation of marginal cost.
b. marginal cost must be falling.
c. marginal cost must be rising.
d. marginal cost may be rising, falling, or constant.
D
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In general, the __________ the welfare payment, the __________ the incentive to find work.
a. higher, high
b. lower, lower
c. lower, higher
Since 1980, _____ has experienced deflation. a. the U.S
b. France c. Germany d. Japan e. Italy
Which of the following would cause a decrease (leftward shift) in the short-run aggregate supply curve (SRAS)? a. An increase in oil prices. b. An advance in technology
c. An increase in the CPI. d. An increase in the long-run aggregate supply curve (LRAS).
What are automatic stabilizers and how do they affect the economy? Which is the most important?