Refer to the short-run production and cost data. In Figure B curve (3) is:
A. AVC and curve (4) is MC.
B. MC and curve (4) is AVC.
C. MC and curve (4) is AFC.
D. AFC and curve (4) is MC.
B. MC and curve (4) is AVC.
Economics
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According to the classical model, the income generated by production is
A) always insufficient to purchase all the goods and services produced. B) enough to purchase all the goods and services produced. C) fully spent on savings. D) enough to meet the needs of everyone in society.
Economics
Which of the following are lags that fiscal policy makers must cope with?
A) effect time lags B) recognition time lags C) action time lags D) All of the above are correct.
Economics