« previous next »

Author Question: Consumers make all economic decisions in a mixed economy. Indicate whether the statement is true ... (Read 226 times)

bobbie

  • Hero Member
  • *****
  • Posts: 592
on: Jun 29, 2018
Consumers make all economic decisions in a mixed economy.
 
  Indicate whether the statement is true or false

Question 2

What does a firm's LRAC curve show? How is it related to the firm's short-run ATC curves?
 
  What will be an ideal response?
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


jharrington11

  • Sr. Member
  • ****
  • Posts: 365
Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

The long-run average cost curve (LRAC) shows the relationship between the lowest attainable ATC and output when both plant size and labor are varied. The LRAC curve reflects the minimum possible ATC the firm can attain for any given level of output. For any level of output the firm might choose to produce, the LRAC reflects the lowest possible ATC taken from an ATC curve that corresponds to a particular plant size. Once the firm has chosen that plant size, it will incur costs corresponding to the ATC curve associated with that plant size.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

The top five reasons that children stay home from school are as follows: colds, stomach flu (gastroenteritis), ear infection (otitis media), pink eye (conjunctivitis), and sore throat.

Did you know?

Approximately one in four people diagnosed with diabetes will develop foot problems. Of these, about one-third will require lower extremity amputation.

Did you know?

Urine turns bright yellow if larger than normal amounts of certain substances are consumed; one of these substances is asparagus.

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

The Canadian ballot is considerably simpler than the American ballot. Note there is nothing like a c The Canadian ballot is considerably simpler than the American ballot. Note there is nothing like a c
Economic and Social Development Economic and Social Development
Mixed Inhibitors, mixed enzyme preferred Mixed Inhibitors, mixed enzyme preferred
economic question economic question
economic question economic question
economic question economic question
Video: Brain Lobes Animation

For a complete list of videos, visit our video library