When the price of a normal good decreases, people buy ________ of the good due to ________
A) more; the substitution effect only
B) more; the substitution and income effects
C) less; the substitution effect only
D) less; the income effect only
B
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Based on the data in the table above, at the short-run equilibrium
A) the unemployment rate is less than the natural unemployment rate. B) the unemployment rate is greater than the natural unemployment rate. C) the money wage rate will rise in the long run. D) the economy is at full employment.
Carolyn knows average total cost and average variable cost for a given level of output. Which of the following costs can she not determine given this information?
A) total cost B) average fixed cost C) fixed cost D) variable cost E) Carolyn can determine all of the above costs given the information provided.