In the Original Austin Powers, Dr

question 96

Multiple Choice

In the original Austin Powers, Dr. Evil is cryogenically frozen for thirty years (from the late 1960s to the late 1990s) . Upon his return he hatches a plan to extort one million dollars from various world governments. His henchmen are unimpressed. What type(s) of inflation have made Dr. Evil's proposed blackmail amount seem too small?

• A) cost-push inflation
• B) demand-pull inflation
• C) both cost-price and price-pull inflation
• D) both cost-push and demand-pull inflation

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Definitions:

Average Total Cost

The average total cost is the total cost of production divided by the quantity of output produced.

Marginal Cost Curve

A visual diagram that illustrates the variation in the cost to produce an additional unit of a product as the quantity produced changes.

Average Total Cost Curve

A curve that shows the average cost per unit of output at different levels of production; it typically has a U-shape.

Marginal Cost

The climb in cost associated with generating another unit of a product or service.