During the 2007-2009 financial crisis the currency ratio

A decline in real income

a. can occur only if there is a decline in nominal income b. can occur only if there is an increase in the price level c. can occur only if there is either a decline in nominal income or an increase in the price level d. cannot occur if there is either an increase in nominal wages or a decline in the price level e. can occur only if there is a decline in the price level

Refer to the information provided in Table 8.1 below to answer the question(s) that follow.   Table 8.1  Refer to Table 8.1. Assume that the relevant time period is the short run. Assuming the price of labor (L) is $5 per unit and the price of capital (K) is $10 per unit, the average variable cost of producing two units of output is

A. $20. B. $40. C. $90. D. $100.