The marginal cost curve intersects the average variable cost curve (AVC)
a. only when the AVC is rising
b. at the AVC curve's maximum point
c. at the AVC curve's minimum point
d. only when the AVC is sloping downward
e. when the AVC intersects the fixed cost curve
C
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In financial markets, actual market prices sometimes diverge from the equilibrium price because
A) supply is often greater than demand. B) demand is often greater than supply. C) supply is equal to demand. D) of geographical and temporal fragmentation.
The idea of bounded rationality is used to address all of the following characteristics EXCEPT
A) unbounded selfishness. B) unbounded knowledge. C) unbounded willpower. D) unbounded rationality.
M1 and M2 are
a. usually equal b. aggregates that, when added together, encompass all methods of payment c. nonofficial measures of the U.S. money supply d. both measures of the U.S. money supply e. the best way to measure the U.S. money supply
A change in consumers' incomes causes a change in:
A. the demand for normal goods but not the demand for inferior goods. B. demand. C. the cross-price elasticity of demand. D. supply.