The minimum points of the average variable cost and average total cost curves occur where the
a. marginal cost curve lies below the average variable cost and average total cost curves.
b. marginal cost curve intersects those curves.
c. average variable cost and average total cost curves intersect.
d. slope of total cost is the smallest.
b
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An import quota specifies the
A) price that can be charged for any imported good. B) amount of taxes that must be paid on any imported good. C) maximum amount of a good that may be imported during a specified period. D) minimum amount of a good that may be imported during a specified period.
When the exchange rate is allowed to adjust to market forces, all of the following are true except one. Which is the exception?
a. The foreign exchange market clears continually. b. The quantities of foreign exchange demanded and supplied are equal. c. The exchange rate will only change if the central bank alters the exchange rate. d. The exchange rate will remain constant until a change occurs in one of the factors that affect supply or demand. e. The forces of demand and supply determine the exchange rate.
In a partnership of two people
A) each person has 50 percent liability. B) it is more difficult to specialize with two persons than with one. C) each person has unlimited liability. D) the law releases each partner from legal liabilities.
Putting money into mental categories can:
A. help people organize their expenditures. B. cause irrational behavior. C. cause people to take risks they wouldn't otherwise take. D. All of these are true.