The ATC curve and the AFC curve for information products (e.g., software) in the short run are
A) downward sloping.
B) horizontal.
C) upward sloping.
D) vertical.
A
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Office workers and word processing programs are complements if:
A. a decrease in the wage paid to office workers leads to an increase in the demand for word processing programs. B. a decrease in the wage paid to office workers leads to a leftward shift in the demand for word processing programs. C. an increase in the price of word processing programs leads to an increase in the demand for office workers. D. they perform similar functions.
Which of the following is true about a nation’s production possibilities curve?
a. a point inside the curve is a combination of products that is currently impossible to produce. b. a point outside the curve is a combination of products that is below capacity. c. a rightward shift of the curve illustrates economic growth. d. full employment is illustrated by a point inside the curve.
When people hold money to make anticipated purchases of goods and services, they are exercising the _______ demand for money.
A) speculative B) exchange C) transactions D) precautionary
A coffee manufacturer raises the price of its coffee by 10%, and the quantity demanded of its coffee falls by only 12%. This firm has
A. not been able to prevent its competitors from competing with it on price. B. some market power. C. some output power. D. no control over the market price since the quantity demanded fell by a larger percentage than the percentage price increase.