When a consumption schedule is plotted as a straight line, the slope of the consumption line is:
A. Vertical
B. Horizontal
C. Greater than the slope of the 45° line
D. Less than the slope of the 45° line
D. Less than the slope of the 45° line
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A monopolistically competitive firm that earns economic profits in the short run will face a more elastic demand curve in the long run
Indicate whether the statement is true or false
As a result of firms leaving an industry, we would expect that: a. economic profits are positive
b. as a result, economic losses are falling. c. as a result, economic losses are rising. d. both (a) and (b) are true.
A firm has positive fixed cost and positive variable cost. At its current level of output, marginal cost equals average cost. The firm must
a. not be producing at its profit-maximizing level of output. b. be producing the quantity that minimizes average cost. c. be operating at a point at which total variable cost equals total fixed cost. d. be earning negative profit.
The agency that deals with issues of "unfair and deceptive acts or practices in commerce" is the
A) Federal Trade Commission. B) Federal Products Commission. C) Federal Consumer Protection Agency. D) Federal Advertising Commission.