When a firm is experiencing economies of scale, long-run
a. average total cost is minimized.
b. average total cost is greater than long-run marginal cost.
c. average total cost is less than long-run marginal cost.
d. marginal cost is minimized.
b
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If the consumer price index (CPI) rises over a year from 220 to 230, then the inflation rate is 10 percent
a. True b. False Indicate whether the statement is true or false
Suppose when the price of laptops fall, college students buy more laptops. This implies that
A) there is a positive relationship between laptop prices and quantities purchased by college students. B) there is a negative relationship between laptop prices and quantities purchased by college students. C) there is a direct relationship between laptop prices and quantities purchased by college students. D) there is a one-to-one relationship between laptop prices and quantities purchased by college students.