It costs a meat-processing company $50,000 to produce 5,000 pounds of steak. The company's cost will be $50,009 if it produces an additional pound of steak. If the company produces 5,001 pounds of steak then
a. its average cost is greater than its marginal cost.
b. its average cost and its marginal cost are equal.
c. its average cost is less than its marginal cost.
d. there is insufficient information to compute average and marginal costs.
a
Economics
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A) also zero. B) negative. C) equal to induced consumption expenditure. D) equal to autonomous consumption. E) None of the above answers is correct.
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The Federal Reserve System was established by Congress in 1914
a. as a result of a breakthrough in economic theory. b. against significant opposition from the banking sector. c. because of the need for a central bank. d. as the world's first central bank.
Economics