Regarding the relationship between marginal profit and average profit, which of the following statements is NOT true?
a. If the average profit is rising, the marginal profit figure must be rising
b. If marginal profit is lower than average profit, then average profit must decrease when profit increases.
c. If marginal profit is below average profit, the average profit decreases.
d. All of these statements are true.
a
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Suppose bad weather in Florida unexpectedly results in a much smaller citrus crop than had been projected. This would cause the ________ labor to pick citrus fruit in Florida to ________
A) supply of; decrease B) demand for; decrease C) supply of; increase D) demand for; increase
Using the II-XX framework, show using a figure that fiscal policies by themselves cannot bring the economy to both internal and external balances
What will be an ideal response?
When the demand and supply of grapes both increase at the same time, we can safely predict that the: a. price of grapes will fall
b. price of grapes will rise. c. quantity of grapes exchanged will fall. d. quantity of grapes exchanged will rise.
Why do opportunity costs increase as society produces more of a good?
What will be an ideal response?