Cecilia's Café is in a competitive price-searcher market. Cecilia's is currently producing where average total cost is at its minimum, and Cecilia's is earning a positive economic profit. In the long run we would expect Cecilia's output to
a. decrease and average total cost to be higher.
b. decrease and average total cost to be lower.
c. remain unchanged as Cecilia's is doing the best it can.
d. increase and average total costs to be lower.
A
Economics
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A) investment banks became significant participants in the secondary mortgage market. B) lenders loosened lending standards. C) mortgage-backed securities became more popular with investors. D) borrowers tended to increase the amount of their down payments.
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Measured in 2014 dollars, real GDP per person in the United States in 2014 was about
a. $37,000. b. $56,000. c. $57,000. d. $67,000.
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