In every age group, average income in the United States increases with education
a. True
b. False
A
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If a firm is maximizing its profit and producing less than the output at which its average total cost is minimized, then that firm
A) must be suffering an economic loss. B) must be earning an economic profit. C) has excess capacity. D) is producing at its capacity output. E) must be earning a normal profit.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30. B. exactly 60. C. fewer than 30. D. exactly 30.
The Celler-Kefauver Act ________ the government's authority to ________ vertical and conglomerate mergers.
A. extended; ban B. limited; ban C. limited; allow D. extended; allow
Based on the above figure of the costs at Barney's Bagel Bakery, at which of the following levels of output does the marginal product of labor equal the average product of labor?
A) at 500 bagels B) at 2000 bagels C) at 3000 bagels D) None of the above because the marginal and average products of labor can never be equal.