The short-run shutdown price occurs where price equals
A) MC.
B) AVC at any point.
C) AVC at the minimum point.
D) AFC at the minimum point.
Answer: C
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Household production is more likely to occur when
a. it requires many specialized resources b. technology makes it easier than market production c. tax avoidance is undesirable d. less control over the final product is desirable e. the opportunity cost of household production is high
What is public choice theory, and how can it affect government intervention?
What will be an ideal response?
When a good is exported from one country to another, the exporting company gets
A. a combination that is half its own currency and half in the currency of the importing buyers. B. its own currency from buyers in importing country that those buyers have been holding for this circumstance. C. its own currency because the importer has arranged to get that currency through the foreign exchange market. D. the currency of the importing country and can only buy goods from the importing country with it.
For inferior goods, when incomes rise the demand for these goods falls.
Answer the following statement true (T) or false (F)