In the figure, curves 1, 2, 3, and 4 represent the:
A. ATC, MC, AFC, and AVC curves respectively.
B. MC, AFC, AVC, and ATC curves respectively.
C. MC, ATC, AVC, and AFC curves respectively.
D. ATC, AVC, AFC, and MC curves respectively.
C. MC, ATC, AVC, and AFC curves respectively.
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The price elasticity of demand is calculated as:
A) the change in price divided by the change in quantity demanded. B) the change in quantity demanded divided by the change in price. C) the percentage change in price divided by the percentage change in quantity demanded. D) the percentage change in quantity demanded divided by the percentage change in price.
Which of the following is an advantage of an in-kind transfer in comparison to a cash payment?
a. In-kind transfers cost less to administer than cash transfers. b. In-kind transfers restrict the use of the benefit; thus, recipients receive necessities such as food and health care. c. In-kind transfers are more efficient than cash transfers. d. In-kind transfers give the recipient more utility than cash transfers.