Average cost can be thought of as the cost per unit
a. True
b. False
Indicate whether the statement is true or false
True
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An intertemporal budget constraint
A) requires the present value of consumption to be equal to the present value of production. B) requires total spending in each period to be equal to total consumption in each period. C) does not take into account the ability to borrow or loan goods domestically. D) categorizes income into permanent and temporary income. E) limits consumption to the amount produced in each time period.
If everyone expects prices to fall but they do not, then
a. nothing happens. b. the IS curve shifts to the left and the AD curve shifts to the right. c. both IS and AD shift to the right. d. both IS and AD shift to the left. e. the IS curve shifts to the right, the AD curve shifts to the left.