The Friedman rule works because
A) it maximizes productivity.
B) it eliminates over-consumption.
C) it encourages people to hold the appropriate quantity of money.
D) it can be implemented by the private sector.
C
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A firm is operating in its range of economies of scale and is on both its LRAC curve and its short-run ATC curve. At that level of output, the slope of its LRAC curve is
A) zero and the slope of its ATC curve is zero. B) zero and the slope of its ATC curve is negative. C) negative and the slope of its ATC curve is zero. D) negative and the slope of its ATC curve is negative.
Refer to Figure 2.1. At point A, demand is:
A) completely inelastic. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.