In which of the following years was inflation in the United States the highest?
a. 1960.
b. 1970.
c. 1980.
d. 1990.
e. 2007.
c
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The following data relate to the supply schedule of a product.PriceQuantity Supplied$51001020015250203002535030500Using the regular percentage change formula, what is the price elasticity of supply when price decreases from $20 to $15?
A. 1 B. 0.45 C. 0.2 D. 0.67
Futures contracts are least likely to be traded on which of the following exchanges?
A) New York Stock Exchange B) Chicago Board of Trade C) Chicago Mercantile Exchange D) All of the above are equally likely to trade futures contracts.
A change in demand for milk is caused by a change in the price of milk
Indicate whether the statement is true or false
Which of the following occur in the long-run equilibrium for the firm and the industry under perfect competition?
a. Firms produce output where price equals marginal cost, which also corresponds to where marginal cost intersects long-run average cost. b. Firms produce output where total revenue is maximized. c. Firms earn positive economic profits. d. Firms produce output where price equals average fixed cost, which also corresponds to where marginal revenue intersects marginal cost.