When the marginal cost curve lies above the average cost curve, ________
A) the marginal cost curve slopes upward, while the average cost curve slopes downward
B) the marginal cost curve slopes downward, while the average cost curve slopes upward
C) both the marginal cost curve and the average cost curve slope upward
D) both the marginal cost curve and the average cost curve slope downward
C
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. The equilibrium outcome of this game will be for Angus to ________ and for Dudley to ________
A) play the bagpipes; do nothing B) play the bagpipes; call the police C) mop floors; do nothing D) Both B and C are correct.
What is the current market price of a bond that pays $200 per year indefinitely and has a current yield of 16 percent?
a. $800 b. $1250 c. $3,200 d. $8,000 e. $12,500
Consider the indifference curve map for nickels and quarters. Assume nickels are on the horizontal axis and quarters are on the vertical axis. The indifference curves for nickels and quarters are
a. straight lines with slope of -1/5. b. straight lines with a slope of -1. c. straight lines with a slope of -5. d. L shaped.
From 1800 to 1940, the price level in the United States
A. trended neither upward nor downward. B. declined slowly. C. fluctuated wildly. D. increased slowly.