Sketch a long run average total cost curve and a short run average total cost curve of a plant that is too small to produce at the minimum long run cost. Put the two curves on the same graph and include the marginal cost curves for both average cost functions.
What will be an ideal response?
See graph below.
Economics
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An economy doubles in size every 35 years if it maintains a steady annual growth rate of about __________ percent
A) 4.0 B) 2.8 C) 3.5 D) 2.0
Economics
A World View article, "Glaring Inequalities," says that income inequality tends to diminish as a nation develops. The distribution of income answers the ________ question.
A. WHY B. WHERE C. HOW MUCH D. FOR WHOM
Economics
A higher tax rate on income will always result in higher tax revenue for the government.
Answer the following statement true (T) or false (F)
Economics
When the interest rate increases, people will adjust their precautionary demand for money
A. downward. B. not at all. C. upward. D. downward or upward depending upon the actual supply of money.
Economics