The average cost curve shows the total cost divided by quantity produced for various levels of output
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose prices are quoted in dollars and transactions are conducted in pesos. The dollar serves as a
A) medium of exchange. B) store of value. C) unit of account. D) all of the above.
Which of the following statements is true?
A) A curved line has slope values that change at every point. B) An inverse relationship has a positive slope value. C) A straight line has a slope of one. D) A direct relationship has a negative slope value.
Consumer surplus is
a. the difference between the price of the good and the cost to produce the good. b, the sum of what consumers are willing to pay and the price of the good. c. the difference between what consumers are willing to pay and the price of the good. d. the difference between the cost to produce the good and the amount consumers are willing to pay for the good.
If the Fed doubled the money supply in one day, the amount of goods and services traded would:
A. decrease. B. collapse. C. not change. D. increase.