If marginal costs for a firm are constant would the average total cost curve still have be u-shaped? Explain
What will be an ideal response?
If marginal costs are constant then the average total cost curve will be downward sloping. The only way that the average total cost curve could be u-shaped is if marginal cost eventually rises.
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Government purchases in national income accounts would include payments for:
A. Social Security checks to retirees B. Salaries for current U.S. military officers C. Public assistance for welfare recipients D. Unemployment benefits
The basic difference between macroeconomics and microeconomics is that:
a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.