An increase in the interest rate causes a decrease in the future value of $1,000 that you have in a bank account today
a. True
b. False
Indicate whether the statement is true or false
False
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If total variable cost exceeds total revenue at all output levels, a perfectly competitive firm
A) has covered its fixed cost. B) should produce in the short run. C) should shut down in the short run. D) is making short-run profits.
If a firm sells 10 units of output at $100 per unit and 11 units of output when price is reduced to $99, its marginal revenue for the last unit sold is
A) $11. B) $99. C) $109. D) $89.
If an economy is growing, but experiences no inflation, this means
a. aggregate demand increased, but aggregate supply did not. b. aggregate supply decreased, but aggregate demand did not. c. aggregate demand and aggregate supply increased by the same amount. d. aggregate demand and aggregate supply decreased by the same amount.
The In the news article titled "Gas Prices Jump in Matthew's Wake" suggests gasoline prices increased a s a result of damage caused by Hurricane Matthew. When the availability of gasoline decreases as a result of this damage the supply curve shifts to the left, causing
A. Consumers pay lower prices as they decide to drive less. B. The price of gasoline to move up along the market supply curve C. The price of gasoline to move up along the market demand curve. D. A surplus to exist at the original equilibrium price.