Refer to Figure 8.4. The vertical distance AB represents
A) total fixed costs.
B) marginal costs.
C) average fixed costs.
D) average total costs.
A) total fixed costs.
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Invention is the discovery of a new process or idea. Innovation is
a. the continuing search for inventions. b. copying ideas from rival firms. c. putting an invention to work. d. basic research.
Other things the same, an increase in taxes with no change in government purchases makes national saving
a. rise. The supply of loanable funds shifts right. b. rise. The demand for loanable funds shifts right. c. fall. The supply of loanable funds shifts left. d. fall. The demand for loanable funds shifts left.
Real GDP is the same as
A. M. B. V. C. P. D. Q.
Competition in markets defined as platform monopolies is most likely to come from:
A. small competitors. B. foreign firms. C. government. D. new technologies.