If the firm is producing in the long run, then the firm's average total cost curve:
A. equals the average variable cost curve.
B. is less than the average variable cost curve.
C. exceeds the average variable cost curve.
D. equals zero.
Answer: A
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A price floor is the ________
A) maximum willingness to pay for a good B) minimum price that a seller accepts for a good C) lower limit on the price of a good D) upper limit on the price of a good
Foreign aid can take the form of
a. only money, capital goods, or technical assistance b. only capital goods, technical assistance, or food c. money, capital goods, technical assistance, or food d. only money, technical assistance, or food e. only technical assistance or food
The conventional monetary policy to fight inflation would be to
A. increase the rate of monetary growth. B. decrease the rate of monetary growth. C. run budget deficits. D. run budget surpluses.
The European Union has relatively large production and income effects on Africa.
Answer the following statement true (T) or false (F)