If the average product of labor curve is rising,
i. the average variable cost curve is falling.
ii. the marginal cost curve is definitely falling.
iii. the marginal product curve has reached its maximum.
A) i and iii
B) i only
C) ii and iii
D) i, ii, and iii
E) ii only
B
Economics
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In the income-expenditure model, the 45-degree line
A) shows total expenditures at various price levels. B) marks all equilibrium output levels. C) is also called the planned expenditures line. D) is the locus of all the points for which output equals expenditures.
Economics
Refer to Figure 9-3. What is the value of revenue to foreign producers who are granted permission to sell in the U.S. market when there is a quota?
A) $12 million B) $17.25 million C) $20 million D) $44 million
Economics