If a production function is represented as q = LaKb, the long-run average cost curve will be horizontal as long as
A) a + b = 0.
B) a + b = 1.
C) q > 0.
D) L = K.
B
Economics
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Total revenue cannot be derived from the demand curve or a demand schedule
a. True b. False Indicate whether the statement is true or false
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Refer to the table at right. When the quantity of labor equals? 4, what does the average product? equal?
A. 216 B. 18 C. 72 D. 9
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Only the federal government can create money.
Answer the following statement true (T) or false (F)
Economics
The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power
A) income B) substitution C) demographics D) ceteris paribus
Economics