Which of the following must be true if the short-run average total cost curve is 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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Which of the following statements applies to a purely competitive producer?
A. It will not advertise its product. B. In long-run equilibrium it will earn an economic profit. C. Its product will have a brand name. D. Its product is slightly different from those of its competitors.
Economics
“Inflation is a harsh and arbitrary form of taxation.” Do you agree? If so, who pays this tax?
What will be an ideal response?
Economics