Under perfect competition, the firm's supply curve is their
A. the upward sloping portion of the marginal cost curve.
B. marginal cost curve above the minimum of AVC.
C. marginal cost curve above the minimum of ATC.
D. the entire marginal cost curve.
Answer: D
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Although gold is highly valued by most people, it is difficult to use as a medium of exchange. Explain
What will be an ideal response?
The vertical intercept of the consumption function that represents the portion of consumption expenditure not associated with a level of disposable income is known as:
a. zero income intercept. b. disposable income intercept. c. autonomous consumption. d. automatic consumption line.
An economy recently reported nominal GDP of 3 trillion euro and a GDP deflator of 200 . What was real GDP?
a. 1.5 trillion euro, and real GDP is a better gauge of economic activity than nominal GDP. b. 1.5 trillion euro, but nominal GDP is a better gauge of economic activity than real GDP. c. 6 trillion euro, and real GDP is a better gauge of economic activity than nominal GDP. d. 6 trillion euro, but nominal GDP is a better gauge of economic activity than real GDP.
Normative economic analysis involves
A. value judgments. B. positive analysis. C. if-then statements. D. objective descriptions of the way things are.