Income taxes and transfer payments...
What will be an ideal response?
act like economic shock absorbers and stabilize fluctuations in income
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Rolls Royce may actually sell fewer cars at lower prices due to the "snob effect."
a. True b. False Indicate whether the statement is true or false
?If marginal cost is less than average total cost, then:
a. ?average variable cost must equal average total cost. b. ?average total cost must be increasing. c. ?average variable cost must be decreasing. d. ?marginal cost must be falling. e. ?average variable cost may be increasing or decreasing.
An assumption underlying indifference curve analysis is that MUx/MUy ________ as more of X and less of Y is consumed.
A. increases B. remains constant C. decreases D. always equals one
Economies of scale refer to the range of output over which
A) marginal cost exceeds average cost. B) the long-run average cost falls as output increases. C) the marginal product of labor diminishes. D) the long-run average cost is less than the short-run average total cost.