Average total cost is defined as:
A. total variable cost divided by quantity.
B. quantity divided by total variable cost.
C. the change in total variable cost divided by the change in quantity.
D. total cost divided by quantity.
Answer: D
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The economy's long-run aggregate supply curve ________.
A. slopes downward and to the right B. slopes upward and to the right C. is vertical D. is horizontal
A price floor policy establishes a minimum price for a market, and the policy is said to be binding if the market equilibrium price is less than the floor price. What impact does a binding price floor have on the market outcome?
A. Shortage B. Excess demand C. Excess supply D. No impact, and the market price and quantity equal their equilibrium values
The unemployment rate:
A. increases before the start of a recession. B. decreases during recessions. C. increases only after the recession has ended. D. increases during recessions.
If we wanted to consider all the money that had been "multiplied" in the economy, we would think about:
A. M2. B. M1. C. hard money. D. None of these.