If the marginal cost curve is below the average total cost curve, average total cost must be ____.
Fill in the blank(s) with the appropriate word(s).
declining
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An explanatory forecasting technique in which the analyst must select independent variables that help determine the dependent variable is called
A) exponential smoothing. B) regression analysis. C) trend analysis. D) moving average method.
Which of the following is true regarding scarcity?
a. Scarcity could be eliminated if all economies of the world would work together to solve world hunger. b. Scarcity could be eliminated if we had full employment. c. It is impossible to eliminate scarcity, given limited resources and unlimited wants. d. Scarcity could be eliminated if all economies of the world would adopt communism. e. Scarcity could be eliminated if all economies of the world would adopt a free market system.
In the short run, a firm may have accounting losses and remain in operation
a. True b. False Indicate whether the statement is true or false
If a firm is producing a given level of output in a technically efficient manner, then it must be the case that
A. this is the lowest cost method of producing that output. B. this output level is the most that can be produced with the given levels of inputs. C. each input is producing its maximum marginal product. D. both a and c E. all of the above