The marginal cost curve intersects the average variable cost curve at the ________ value of the average variable cost curve.

If a decrease in the price of one good causes the demand curve for another good to shift to the left, the two goods must be

a. inferior b. normal goods c. inferior goods d. substitutes e. complements

The average percentage markup in the economy

a. is greater, the more competitive are market conditions b. is greater, the less competitive are market conditions c. is unaffected by the competitive conditions of the economy d. tends to be highly unstable from year to year e. tends to be stable from year to year, ensuring that the price level is stable from year to year