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
E
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Four roommates have moved into an apartment. However, none of them cleans the apartment thinking that the others will do it. This is an example of ________
A) the free-rider problem B) the paradox of thrift C) the paradox of plenty D) the tragedy of commons
If the U.S. dollar depreciates in the foreign exchange market, U.S. exports will be __________ and U.S. imports will be __________
A) relatively less expensive; relatively less expensive B) relatively less expensive; relatively more expensive C) relatively more expensive; relatively more expensive D) relatively more expensive; relatively less expensive E) unaffected; relatively less expensive