Average total cost exceeds average variable costs by the value of marginal cost
a. true
b. false
Answer: b. false
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Why do individuals decide to herd?
What will be an ideal response?
Explain the effects of a permanent increase in the U.S. money supply in the short run and in the long run. Assume that the U.S. real national income is constant
What will be an ideal response?
When retail bicycle dealers advertise and perform warranty repairs but do not deliver the personal selling message that Schwinn has designed as part of the marketing plan but cannot observe at less than prohibitive cost, the manufacturer has encountered a problem of ____
a. reliance relationships b. uncertainty c. moral hazard d. creative ingenuity e. insurance reliance
To better measure economic well being, GDP needs to: a. find better ways to estimate the value of leisure
b. estimate and factor in the value of the underground economy. c. factor in externalities. d. do any or all of the above.