The average total cost curves for plants A, B, C, and D are shown in the above figure. The plant size that is the most economically efficient
A) is plant A.
B) is plant B.
C) is plant C.
D) depends on the desired level of output.
D
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Living wage laws have been instituted at the state level and affect a large number of jobs
Indicate whether the statement is true or false
If individuals who sit in the back of the classroom receive lower grades on average than the rest of the class, does that mean that sitting in the back of a classroom causes one to perform poorly on exams? a. Not necessarily. The reoccurrence of a certain relationship between two variables does not necessarily imply causation. b. It is not possible for an economist to determine causation
between variables. c. The reoccurrence of such a relationship is sufficient evidence that sitting in the back of a classroom will lead to lower grades. d. none of the above
If Mexico has a comparative advantage in the production of oil compared to France, then
A. France has an absolute advantage in the production of oil. B. Mexico can produce oil at a lower opportunity cost than France. C. Mexico also has an absolute advantage in the production of oil. D. France cannot produce oil.
Average cost is the cost of producing the next unit
a. True b. False Indicate whether the statement is true or false