A perfectly competitive firm maximizes profit where marginal revenue or pice equals marginal cost.
Answer the following statement true (T) or false (F)
True
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The curve that displays total planned real spending on goods and services at each price level by households, businesses, the government, and foreign residents is called
A) the employment curve. B) the aggregate demand curve. C) the price level curve. D) the aggregate supply curve.
Use the above figure. A leftward shift of the supply curve, ceteris paribus, would result in
A) euro depreciation. B) dollar appreciation. C) dollar depreciation. D) increasing the equilibrium quantity of euros.
Tom's Tent Company has total fixed costs of $300,000 per year. The firm's average variable cost is $80 for 10,000 tents. At that level of output, the firm's average total costs equal
a. $80 b. $90 c. $100 d. $110
Factories and machines are examples of:
A. value-added goods. B. non-market goods. C. consumption goods. D. capital goods.