In the United States, currency includes
A) paper money and coins in circulation. B) checking and savings account deposits.
C) gold, silver, and paper money. D) traveler's checks.
A
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GDP consistently measures the output of goods and services in all countries.
Answer the following statement true (T) or false (F)
The figure below shows a firm that has two plants. Plant 1 has a marginal cost curve of mc1, plant 2 has a marginal cost curve of mc2, and the overall marginal cost curve is MC. When the managers maximize profit, the marginal cost in plant 1 is ________ and the marginal cost in plant 2 is ________ .
A) $160; $150
B) $80 per unit; $80 per unit
C) $120; $100
D) None of the above answers is correct.
Monopolistic competition and perfect competition are different in that monopolistically competitive firms: a. cannot earn profits in the short run
b. face firm demand curves that are less elastic than perfectly competitive firms. c. face substantial barriers to entry. d. earn economic profits in the long run.
Suppose that there are three variables involved in the graph to the? right: (1)? quantity, (2)? price, and? (3) a third variable. Which of those variables causes the quantity to change from point C to point D in the? graph?