Which of the following equations is incorrect?
A) AFC = ATC - AVC B) ATC = AVC - AFC C) AVC + AFC = ATC D) ATC - AFC = AVC
B
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In the aggregate expenditures model, if aggregate expenditures (AE) equal $4 trillion and GDP equals $3 trillion, then:
a. inventory depletion equals ?$1 trillion. b. inventory accumulation equals $1 trillion. c. investment equals ?$1 trillion. d. investment equals $1 trillion.
When a firm is experiencing economies of scale, it will:
a. underuse a larger plant size than is indicated by short-run efficiency concerns. b. underuse a smaller plant than is indicated by short-run efficiency concerns. c. overuse a larger plant size than is indicated by short-run efficiency concerns. d. overuse a smaller plant size than is indicated by short-run efficiency concerns. e. produce at the minimum short-run and long-run average costs.