Average costs curves later rise
a. Due to declining average fixed costs
b. Due to rising average fixed costs
c. Due to declining marginal costs
d. Due to rising marginal costs
d
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In a first-price auction:
a. the lowest bidder receives its actual bid as a payment for the job. b. the lowest bidder wins the bid and pays the amount bid by the first runner-up. c. the bidder bids less than its cost and incurs a loss. d. the lowest bidder wins the bid and has to pay the actual bid for the good.
When the economy is producing at a quantity greater than its long-run aggregate supply:
A. we are experiencing a recession. B. the economy is experiencing greater economic growth. C. it is pushing some of its resources to operate beyond capacity. D. it causes a bubble to form in one of its major sectors.