If the average cost of producing a good is increasing as a firm produces more of the good, then which of the following must be TRUE?
A) AFC is falling.
B) AVC is rising.
C) MC > AVC.
D) All of the above.
D
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Which is NOT an example of government intervention in the economy?
A. The Great Recession B. The Federal Reserve C. The Food and Drug Administration D. The Troubled Asset Relief Program
Which of the following products has an elastic demand?
A. water B. coffee C. cars D. salt
For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat all of the meals, your average cost for a meal is:
A. $5. B. $4. C. $6. D. $0.25.
Refer to the scenario above. What will the outcome of this game be?
A) Both players will choose black. B) Both players will choose white. C) Arthur will choose white and Catherine will choose black. D) Catherine will choose white and Arthur will choose black.