If average fixed cost exceeds average variable cost at a particular level of output:
a. Profits must be negative
b. That fact is meaningless for deciding the quantity of output to produce.
c. Output levels are probably quite low relative to the designed capacity of the production facility.
d. Both b and c. are likely true.
d
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Money ________
A) is always composed of coins and paper B) loses its value as it becomes older C) requires a double coincidence of wants D) is any commodity that is generally acceptable as a means of payment
In the late 1990s, Thailand, Malaysia, and Indonesia all experienced sharp declines in the value of their currencies; this resulted in economic instability and crisis. The collapse in the values of their currencies undermined their development by:
A. decreasing political instability. B. decreasing population growth. C. increasing corruption. D. reducing investment.