In a perfectly competitive market, total revenue:
A. measures how much revenue the firm takes in from all sales less any costs they incur.
B. is equal to price multiplied by quantity sold.
C. varies due to changes in price, since quantity is constant.
D. should vary across firms.
B. is equal to price multiplied by quantity sold.
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In 2008, foreclosures reached a record high. Which of the following is NOT a possible reason for foreclosures?
A) Many mortgages were initiated without a down payment. B) Many mortgages were initiated on secondary and investment homes. C) Some mortgages were adjustable rate mortgages which might have dramatically increased monthly payments for some. D) Property values were increasing too fast.
Indifference curves are convex to the origin because of:
A) transitivity of consumer preferences. B) the assumption of a diminishing marginal rate of substitution. C) the assumption that more is preferred to less. D) the assumption of completeness. E) none of the above
Diversification involves:
A. investing all your money in one company. B. buying only one kind of stock. C. buying only low-risk bonds. D. None of these statements is true.
If there is an excess supply of money in the money market, there must be an excess supply of bonds in the bond market
a. True b. False