One implication of goods being standardized in a market is:
A. the government regulations must promote competition and lower prices to be efficient.
B. there are no information asymmetries.
C. the similarity in products may be real or perceived.
D. the market has a low degree of competition.
B. there are no information asymmetries.
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In the figure above, what happens if the Fed increases the quantity of money by 8 percent?
A) The interest rate rises to 1.08. B) The value of money rises to 1.08. C) The value of money falls to 0.92 and there is a movement downward along the LRMD. D) The LRMD curve shifts rightward to restore equilibrium. E) The price level falls to 1.08.
The nominal return of money is
A) 0. B) r. C) R. D) i.
Any point representing a cost and output combination that is below the long-run average cost curve:
a) may represent actual cost and production levels in the short run. b) represents unattainable cost levels. c) is attainable only when all factors are variable. d) is attainable if the firm minimizes its costs according to the "principle of substitution". e) represents less efficient cost levels than points on the long-run average cost curve.
Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the formAVC = a + bQ + cQ2and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000. 
If Straker Industries produces 12 units of output, what is estimated total cost (TC)?
A. $4,428 B. $2,348 C. $1,000 D. $1,463