If a technological change reduced the amount of the variable input needed by a firm to produce a unit of output:
a. its AVC curve would shift down.
b. its ATC curve would shift down.
c. its MC curve would shift down.
d. All of the above would occur.
d
Economics
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A regressive income tax is defined as a tax for which
A) total taxes paid increase with the level of income. B) total taxes paid are independent of the level of income. C) the average tax rate increases with the level of income. D) the average tax rate decreases with the level of income.
Economics
Which of the following best characterizes the main difference between the Consumer Price Index (CPI) and the GDP deflator?
a. One is more accurate than the other. b. One is more useful than the other. c. One is more general than the other. d. One is more trend-focused than the other.
Economics