Which of the following formulas defines average cost?
a. AC = TC/Q
b. AC = MRP = MFC
c. AC = MPP/Q
d. AC = TC ? Q
a
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An employer asking potential job candidates to perform a test is an example of:
A. screening. B. signaling. C. statistical discrimination. D. building a reputation.
According to the Phillips curve, a more expansionary macro-policy that causes inflation to be greater will:
a. place downward pressure on prices. b. reduce unemployment. c. reduce output. d. reduce the natural rate of unemployment.
If the real interest rate is 4 percent and the inflation rate is 9 percent, then the nominal interest rate equals:
A. 13 percent. B. 4 percent. C. 9 percent. D. 36 percent.
The above figure shows a firm's total revenue line. The firm must be in a market with
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.