With respect to the average cost curves, the marginal cost curve
a. intersects average total cost, average fixed cost, and average variable cost at their minimum points
b. intersects average total cost, average fixed cost, and average variable cost at their maximum points
c. intersects both average total cost and average variable cost at their minimum points
d. intersects average total cost where it is increasing and average variable cost where it is decreasing
e. intersects only average total cost at its minimum point
C
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The lottery this evening is worth $50 million dollars in your state. There are two people in your neighborhood that are buying lottery tickets. One is a student with little financial knowledge or business acumen
The other is a successful entrepreneur that is earning 20% rate of return on his business. Which of these people is likely to check off the "cash" option on the ticket and which is likely to choose the structured payout and why?
What is the "right" degree of abstraction necessary to analyze an economic problem?
a. simple abstraction of only minor details b. simple abstraction of only irrelevant details c. total abstraction of all variables d. total abstraction of all irrelevant details e. There is no "right" degree of abstraction to analyze an economic problem.
Which of the following would not be included in GDP?
a. the real estate commission on the sale of a used home b. an attorney's fee for handling the sale of a used home c. the value of a used home, at its sale price d. fees paid to have the house cleaned
If the demand for hair gel increases, the effect on the hair gel manufacturing job market will be to
A. Have no impact on equilibrium wages. B. Decrease the demand for labor and reduce equilibrium wages. C. Increase the demand for labor and increase equilibrium wages. D. Reduce the supply of labor and increase equilibrium wages.