When the cost curves have the usual shapes, at the point where marginal cost equals average total cost,
a. average total cost is at its maximum
b. marginal cost is falling
c. average total cost is at its minimum
d. average variable cost is falling
e. the fixed cost has been fully depreciated
C
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Governments enact policies to
a. make the distribution of income more efficient. b. make the distribution of income more equal. c. maximize the use of the welfare system. d. minimize the use of in-kind transfers.
Which of the following statements is true?
A. National income is total income earned by households whereas personal income is total income received by households (including transfer payments). B. Disposable personal income equals personal income plus personal taxes. C. The expenditures approach yields a higher GDP value than the income approach. D. The expenditures approach yields a lower GDP value than the income approach.
If real GDP is $18,200 billion (in 2012 dollars) in 2018 Q1 and $18,400 (in 2012 dollars) in 2018 Q2, then the annualized quarterly growth rate of real GDP is
A. 1.0%. B. 1.1%. C. 0.4% D. 4.5%.
Increases in government spending are consistent with supply-side economic policies.
Answer the following statement true (T) or false (F)