If the average total cost curve is falling, what is necessarily true of the marginal cost curve? If the average total cost curve is rising, what is necessarily true of the marginal cost curve?
When average total cost curve is falling, marginal cost is below ATC. If the average total cost curve is rising, marginal cost is above ATC.
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Minneapolis business Rogue Chocolatier sells specialty chocolate bars with a high cocoa content. Rogue can produce 15 chocolate bars per day with one employee, 29 with 2, 35 with 3 and 40 with 4 employees. Which statement is TRUE?
A) Rogue's marginal product curve decreases continually. B) Rogue's marginal product curve initially increases and then decreases. C) Rogue's total product curve increases at an increasing rate. D) Rogue's marginal product curve decreases initially and then increases.
To choose the number of lags in either an autoregression or in a time series regression model with multiple predictors, you can use any of the following test statistics with the exception of the
A) F-statistic. B) Akaike Information Criterion. C) Bayes Information Criterion. D) Augmented Dickey-Fuller test.
Refer to the above table. If opportunity costs are constant and both countries produce only the goods for which they have comparative advantages and then trade, hourly world output would equal
A) 4 units of product A and 4 units of product B. B) 8 units of product A and 4 units of product B. C) 8 units of product A and 8 units of product B. D) 12 units of product A and 8 units of product B.
If the overall unemployment rate is 8 percent, it is likely that:
a. It is greater than 8 percent for teenagers b. It is less than 8 percent for college=educated middle-aged men. c. It is more than 8 percent for those without a high school diploma. d. All of the above are true.