The likely result of an economy operating at full employment is:

The HPAE have been more open to imports than most developing countries

Indicate whether the statement is true or false

Which of the following about costs is true?

a. The difference between the ATC and AVC curves will decline as output expands. b. The AFC will remain constant as output increases. c. If ATC is increasing, then AVC must be greater than ATC. d. Implicit costs and fixed costs are always the same.