Refer to Figure 15-2. If the firm's average total cost curve is ATC2, the firm will

A) suffer a loss.
B) break even.
C) make a profit.
D) face competition.

B

Economics

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The expenditure approach to measuring U.S. GDP equals _________

A. the sum of U.S. consumption expenditure and U.S. investment B. U.S. government expenditure minus taxes paid by Americans C. all expenditure on final goods and services produced in the United States in a given time period D. all expenditure by Americans on goods and services produced in the United States in a given time period

Economics

In the 1970s and 1980s, the United States lost its comparative advantage in consumer electronics goods to Japan. What factor was most responsible for the development of Japan's comparative advantage in consumer electronics goods?

A) Japanese firms benefited from external economies. B) Japan has abundant supplies of natural resources needed to produce electronics goods. C) Japanese firms excelled in process technology. D) Japan has abundant supplies of labor.

Economics