Which of the following must be true if average total costs are declining?
a. Marginal cost is less than average total cost.
b. Marginal cost is less than average variable cost.
c. Marginal cost is greater than average total cost.
d. Marginal cost equals average total cost.
A
Economics
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A difference between the market and the public sector is that
A) scarcity exists only in the market sector. B) government can use force, while the market does not. C) we can only vote in the public sector. D) the cost of private goods to society is zero.
Economics
Lower deductibles for employer-provided health care will tend to shift the ________ curve for medical services to the ________
A) demand; left B) demand; right C) supply; left D) supply; right
Economics