If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25, what is its average cost?

A decrease in demand with the supply held constant leads to:

a. an increased equilibrium price and an increased equilibrium quantity. b. a decreased equilibrium price and a decreased equilibrium quantity. c. a decreased equilibrium price and an increased equilibrium quantity. d. an increased equilibrium price and a decreased equilibrium quantity.

Consider a country Atlantica, using dollars ($) as its currency. If this country sets a price for gold, and then issues currency such that the amount in circulation is equivalent to the value of gold held in reserve, it is said to be the following:

a. an exchange standard. b. a gold standard. c. a reserve currency standard. d. a crawling peg standard. e. a currency board standard.