The real-nominal principle states that
A) what matters to people is the face value of money or income.
B) people respond more to explicit, or real, costs than to implicit costs.
C) people respond more to implicit costs than to explicit costs.
D) what matters to people is the purchasing power of money or income.
D
Economics
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Which of the following statements is true of the relationship among the average cost functions?
A) ATC = AFC - AVC B) AVC = AFC + ATC C) AFC = ATC + AVC D) AFC = ATC - AVC
Economics
When labor is the only input a firm uses, the marginal cost of a unit of output can be defined as the
a. marginal revenue multiplied by the wage. b. marginal product of labor multiplied by the wage. c. marginal product of labor divided by the wage. d. None of the above is correct.
Economics