Refer to Figure 84. Average variable costs are minimized at an output level
A) of 2.
B) of 3.
C) of 6.
D) that is indeterminate from this information.
C) of 6.
You might also like to view...
Three macroeconomic factors that affect the demand for money are:
A. capital, labor, and technology. B. the nominal interest rate, capital, and labor. C. globalization, skill-biased technological change, and labor mobility. D. the nominal interest rate, real income, and the price level.
If an economy produces only steel and wheat, a new fertilizer will
A) cause the production of wheat to increase at every point on a production possibilities curve but not affect the production of steel, that is the curve moves outward on the wheat axis only. B) cause the production of both wheat and steel to increase at every point along the production possibilities curve, that is the curve moves outward on both the wheat axis and the steel axis. C) not affect the production of either wheat or steel. D) cause the production of steel to increase at every point along the production possibilities curve but not affect the production of wheat, that is the curve moves outward on the steel axis only.
If velocity remains relatively constant, changes in the money supply can have a predictable effect on nominal GDP
a. True b. False Indicate whether the statement is true or false
Which statement about money is true?
a. To qualify as money, currency must be officially recognized by a government. b. Aside from precious metals, commodities cannot be considered money. c. The term money refers to metallic coins and paper currency legally designated by some institution. d. As long as it is generally accepted in exchange for services and goods, anything can be money.