Short run average expenditure curves are tangent at their lowest point to the long run average cost curve.
Answer the following statement true (T) or false (F)
False
Rationale: They are tangent, but not usually at their lowest point.
Economics
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Consumer surplus is given by the area:
a. above the supply curve but below the price b. below the supply curve c. below the demand curve but above the price d. below the demand curve e. none of the above
Economics
The size of a country's "economic pie" is thought of as the total dollar value of all goods and services produced during some period of time. The economic pie
a. is a fixed total waiting to be divided up among people. b. determines how much wealth an individual can obtain. c. is variable, not fixed, across time periods. d. depends solely upon the natural resources of a country.
Economics