Which of the following explains the shape of an average total cost (ATC) curve?
a. Average fixed cost drives up ATC at very high levels of output.
b. ATC is high at both very small and very large levels of output.
c. ATC curves are U-shaped because variable input costs fluctuate.
d. ATC is low at low output and high at high output.
b. ATC is high at both very small and very large levels of output.
Economics
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In the Monetarist model, the long-run holds when
a. the money supply is constant. b. real wages are constant. c. output is constant. d. the expected price level equals the actual price level. e. none of the above.
Economics
Antitrust laws seek to prevent actions that harm society such as
A) price discrimination. B) refusal to deal. C) predatory pricing. D) All of the above.
Economics