Refer to Figure 7.1. At output level Q1
A) marginal cost is falling.
B) average total cost is falling.
C) average variable cost is less than average fixed cost.
D) marginal cost is less than average total cost.
E) all of the above
E
You might also like to view...
The CPI was 225 in 2008 and 232.2 in 2009. The nominal interest rate during this period was 1.4 percent. What was the real interest rate during this period?
A) 3.2 percent B) 1.8 percent C) 4.6 percent D) -3.2 percent E) -1.8 percent
What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell?
a. Price would fall, and the effect on quantity would be ambiguous. b. Price would rise, and the effect on quantity would be ambiguous. c. Quantity would fall, and the effect on price would be ambiguous. d. Quantity would rise, and the effect on price would be ambiguous.
In understanding and analyzing "demand," we focus on how much of a product the buyers are:
A. Willing and wanting to buy B. Actually buying now and in the recent past C. Able to buy with their given income D. Willing and able to buy
The two basic types of government regulation are
A. social regulation and labor law. B. social regulation and economic regulation. C. economic regulation and industry regulation. D. regulation of natural monopolies and regulation of cartels.