The slope of a line is the change in the y-axis variable divided by the change in the x-axis variable

If aggregate output is below its equilibrium level ________

A) there is an excess demand for goods B) actual output is below planned expenditure C) firms will tend to replenish their low inventories driving output up toward equilibrium D) all of the above E) none of the above

Kim runs a sandwich joint that has a fixed cost of $1,000 . She has employed 3 workers and pays $100 per day to each worker. She sells 420 sandwiches per day at a price of $3.40 per sandwich. The average fixed cost incurred in the production of sandwiches is equal to:

a. $2.38. b. $3.09. c. $1.48. d. $0.88.