Using a production possibilities curve, a technological advance that increases the amount of output for the same amount of inputs would be illustrated as a(n):
a. flattening of the curve.
b. movement from one point to another point along the curve.
c. outward shift of the curve.
d. movement from a point on the curve to a point inside the curve.
c
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A private auction is an auction in which
A) individuals know their own value of the good and everyone else's valuation, too. B) individuals have their own valuation of the good but don't know everyone else's. C) many auctions are auctioned off at the same time. D) only one good is auctioned off.
If marginal cost is less than average total cost,
a. marginal cost must be falling b. average total cost must be increasing c. average variable cost equals average total cost d. average variable cost must be decreasing e. average variable cost may be increasing or decreasing