The locus of points representing the minimum unit cost of producing any given rate of output is the
A) short-run average total cost curve.
B) long-run marginal cost curve.
C) short-run total cost curve.
D) long-run average cost curve.
Answer: D
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Improvements in a country's standard of living are brought about in the long run by
A) technological progress. B) growth in the population. C) constructing more machines and buildings. D) immigration policy.
The creative ability of persons to combine and direct resources to produce new products is known as:
a. economizing. b. entrepreneurship. c. value judgment. d. product sensitivity.
Assume the table has recorded the total output and prices of the only two goods produced. Looking at the figures in the table and using them to construct the GDP deflator, we can note the GDP deflator in 2003 was:
A. 135
B. 74
C. 109
D. 105
Suppose paper pulp mills are permitted to emit harmful pollutants, free of charge, into the air. How will the price and output of paper in a competitive market compare with their values under conditions of ideal economic efficiency?
a. The price will be too high, and the output will be too large. b. The price will be too low, and the output will be too large. c. The price will be too low, and the output will be too small. d. The price will be too high, and the output will be too small.