Microeconomics

The tangency points between the long-run average cost curve (LRAC) and

The tangency points between the long-run average cost curve (LRAC) and the short-run average cost curves (SRAC) are A) always at the minimum of the SRACs. B) never at the downward portion of the SRACs. C) always at the maximum of the SRACs. D) not necessarily at the minimum of the SRACs.   ANSWER D […]

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Date: September 9th, 2020

Short-run average cost exceeds long-run average cost only when there a

Short-run average cost exceeds long-run average cost only when there are economies of scale. Indicate whether the statement is true or false   ANSWER False. Short-run average costs exceed long-run average costs because the firm is locked into a certain input mix in the short run that may not be cost minimizing when all inputs […]

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Date: September 9th, 2020

The end of slavery in the United States represented A) a large wealth

The end of slavery in the United States represented A) a large wealth transfer from the South to the North. B) a large wealth transfer from the future to the present. C) a large wealth transfer from Southern slave-holders to newly freed slaves. D) a nominal wealth transfer from Southern slave-holders to newly freed slaves. […]

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Date: September 9th, 2020