Economies of scale and specialization are characteristics of

The primary benefit of monetary exchange compared to barter exchange is: a. the possibility of tracking trade for tax purposes

b. increased time devoted to finding trade partners. c. increased time devoted to shopping for what we want. d. increased efficiency in arranging transactions.

Average fixed cost:

A. equals marginal cost when average total cost is at its minimum. B. may be found for any output by adding average variable cost and average total cost. C. graphs as a U-shaped curve. D. declines continually as output increases.