If average variable cost exceeds marginal cost, then:
a. average variable cost is increasing and the average total cost is decreasing
b. the average variable cost is decreasing and the average total cost is increasing.
c. both the average variable and average total cost are decreasing.
d. the average variable cost is decreasing and the average total cost may be increasing or decreasing.
c
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In the 1990s, the rising value of the U.S. dollar made imported goods cheaper and this shifted the
A. aggregate demand curve outward. B. aggregate supply curve inward. C. aggregate supply curve outward. D. total expenditures curve upward.
Which of the following statements is true?
A) The average product of labor is at its maximum when the average product of labor equals the marginal product of labor. B) The average product of labor tells us how much output changes as the quantity of workers hired changes. C) The average product of labor is at its minimum when the average product of labor equals the marginal product of labor. D) Whenever the marginal product of labor is greater than the average product of labor the average product of labor must be decreasing.
Which of the following is FALSE about the International Monetary Fund (IMF)?
A) The IMF was created after the Bretton Woods Conference to help to maintain the international fixed exchange rate system that was introduced. B) The IMF lends to national governments, initially to maintain the fixed exchange rate system, and today to deal with debt or currency crises. C) Multinational corporations can get IMF loans if they agree to invest in economies that are internationally perceived as risky and otherwise unlikely to receive direct foreign investment. D) One of the criticisms of the IMF and other international governmental organizations that deal with the global economy is that their decision making may be biased toward policies that favor industrialized nations.
From 1970 to 2010, the real price of a college education increased, and total enrollment increased. Which of the following could have caused this increase in price and enrollment?
A) A shift to the right in the supply curve for college education and a shift to the left in the demand curve for college education. B) A shift to the left in the supply curve for college education and a shift to the right in the demand curve for college education. C) A shift to the left in the supply curve for college education and a shift to the left in the demand curve for college education. D) none of the above