A demand function is Qd = 55 - 3P, when price is €10, quantity demanded is
(a) 10.
(b) 25.
(c) Zero.
(d) We need more information to answer.
Ans: (b) 25.
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Regardless of how much the government spends on public programs, as long is it collects in taxes what it spends, the budget is
a. fiscally neutral b. inflationary c. contractionary d. recessionary e. balanced
The failure of majority rule to produce transitive preferences for society is called the
Return on investment is calculated as:
a) the amount invested divided by earnings. b) the amount invested divided by the interest rate. c) earnings divided by the amount invested. d) earnings divided by the interest rate.
Explain two different ways to determine the profit-maximizing level of output for a firm in a perfectly competitive market
What will be an ideal response?