As output increases, average total cost decreases
A) constantly.
B) as the average product of labor decreases.
C) initially and then starts to increase.
D) in the long run and the short run.
E) as long as average fixed cost decreases.
C
Economics
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If a good or service does not get used up as it is consumed, then it is said to be
A) nonexcludable. B) nonrival. C) nondiscrimination. D) nonconsumable.
Economics
Suppose that C = $700, I = $200, G = $200, NX = $100, and that the money supply is equal to $400. Based upon these assumptions, velocity is equal to ________________. If consumption and velocity both rise beyond their initial levels, then it follows that another component of spending ___________ necessarily fall
A) 3; must B) 3; does not C) 4; must D) 4; does not
Economics