Average variable costs:
A. always trend upward as output increases.
B. always trend downward as output increases.
C. decrease, then increase as output increases.
D. increase, then decrease as output increases.
C. decrease, then increase as output increases.
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If two countries find that neither has a comparative advantage in the production of any good or service:
A) it must be true that one country produces everything more efficiently than the other country. B) each country will find it beneficial to trade. C) it is impossible for them to benefit from trade. D) they should still specialize and trade.
The income effect of a price change refers to the impact of a change in
A) income on the price of a good. B) the quantity demanded when income changes. C) the price of a good on a consumer's purchasing power. D) demand when income changes.