The minimum efficient level of production refers to the production level in the long run that spreads setup costs out just enough to make production profitable.
Answer the following statement true (T) or false (F)
True
This is the textbook definition of minimum efficient level of production.
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Which of the following is true?
A) When real GDP equals potential GDP, both equal nominal GDP. B) Nominal GDP fluctuates around real GDP. C) Real GDP fluctuates around nominal GDP. D) Potential GDP fluctuates around real GDP. E) Real GDP fluctuates around potential GDP.
If a British automobile sells for £20,000 and the British pound is worth $1.50, then the dollar price of the automobile is
A) $1.60. B) $12,500. C) $20,000. D) $30,000.
A good that is rival but nonexclusive is called
a. a private good b. a public good c. a quasi-private good d. an external good e. an open access good
In the United States, GDP has grown slower than the population since 1870
a. True b. False Indicate whether the statement is true or false