A fiduciary monetary system is
A) fully backed by gold.
B) dependent on barter for exchanges of goods and services.
C) dependent on the public's faith to accept the currency.
D) one which cannot have any inflation.
C
Economics
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When a firm is operating at its minimum efficient scale, its short-run average total cost of production is minimized
a. True b. False
Economics
If the long-run supply curve is upward sloping, we know that
A) entrepreneurs are earning higher profits as output expands. B) some input prices are increasing as the industry expands. C) firms are getting larger as the industry contracts. D) the law of diminishing marginal returns has set in.
Economics