For a constant-returns-to-scale production function,
a. marginal costs are constant but the average cost curve has a U-shape.
b. both average and marginal costs are constant.
c. marginal cost has a U-shape; average costs are constant.
d. both average and marginal cost curves are U-shaped.
b
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Refer to the above figure. The figure represents the consumption function for a consumer. Point A represents
A) positive saving. B) negative consumption. C) autonomous consumption. D) zero saving.
Refer to Figure 13.2. If Oliver's political views place him at the L4 position and George's political views place him at the C4 position, Cindy's preference for mayor is
A) Oliver Cousins. B) George Glass. C) Cindy is indifferent between the two candidates. D) Cindy definitely does not like either candidate.
The demand for reserves is __________ related to the federal funds rate because banks __________ their excess reserves as the federal funds rate falls
A) inversely; increase B) inversely; decrease C) positively; increase D) positively; decrease
What are the benefits and costs to Indian citizens of allowing Indian companies to copy and sell patent-protected drugs developed by U.S. companies?
What will be an ideal response?