When looking at a graph of aggregate demand, which of the following is correct?
a. There are nominal variables on both the vertical and the horizontal axes.
b. There are real variables on both the vertical and horizontal axes.
c. The variable on the vertical axis is nominal; the variable on the horizontal axis is real
d. The variable on the vertical axis is real; the variable on the horizontal axis is nominal
c
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All natural monopolies are characterized by
a. decreasing marginal cost at the point where their marginal cost curve crosses their demand curve. b. the fact that they earn economic losses. c. decreasing average costs at the point where their average cost curve crosses their demand curve. d. the fact that losses can only be avoided if they are regulated.
A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFSteel012345Wheat100907555300If the nation uses all of its resources to produce only wheat, then its production combination will be
A. A. B. B. C. F. D. E.
Consider a firm that produces 500,00 . units per year. The firm's fixed costs are $100,000 . marginal costs are $250 and the price per unit is $400 . In the long-run, how low can price go before it is profitable to shut down?
a. $150 b. $250 c. $250.20 d. $400
For firms that sell one product in a perfectly competitive market, the market price:
A. can be influenced by one firm's output decision. B. is equal to the average total cost of a firm. C. is taken as a constant by individual firms. D. is higher than the marginal revenue of a firm