As illustrated in the above figure, after 60 gallons are produced each hour at Ike's Ice Cream Kitchen, the ATC curve starts to slope upward. The ATC starts to slope upward because the
A) MC curve slopes upward.
B) MC exceeds the ATC.
C) distance between the ATC and the AVC curve is shrinking.
D) None of the above answers is correct.
B
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Which of the following explains why many European countries have unemployment rates that are higher than in the United States?
A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. B) European countries offer higher unemployment benefits than the United States. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. D) The minimum wage in Europe is lower than it is in the United States.
Refer to Table 3.2, which shows some costs and benefits of having your car repaired. What is the marginal benefit of the 4th hour spent on repairs?
A. $450
B. $375
C. $295
D. $920