Every point on the long-run average cost curve is
A) also a minimum point on a short-run average cost curve.
B) on a short-run average total cost curve.
C) on a short-run average variable cost curve.
D) on a short-run marginal cost curve.
Answer: B
Economics
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Refer to the figure above. What is the gain in the market-wide consumer surplus when the price of calculators changes from $6 to $3?
A) $565 B) $580 C) $950 D) $1050
Economics
If some gain and some lose as the result of a change, and it can be demonstrated that the value of the gains exceeds the value of the losses, then the change is said to be
A. technically efficient. B. inefficient. C. potentially efficient. D. unequivocally Pareto optimal.
Economics