Total costs increase from $1500 to $1800 when a firm increases output from 40 to 50 units. Which of the following are true?
a. AC rise by $1.50
b. AC rise by $1.00
c. AC fall by $1.50
d. AC fall by $1.00
c
Economics
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The Ricardian model can be simplified and made more explanatory by assuming that there is only one resource used in producing goods. What did Ricardo assume the resource was?
a. capital b. technology c. labor d. loanable funds
Economics
Suppose that tattoos gained immense popularity with retired people as well as college students. This gain in popularity best reflects which of the following influences on buying plans?
A) the price of a substitute good B) income C) expectations D) preferences E) the price of a complement good
Economics