When two variables have a negative correlation,
a. when the x-variable decreases, the y-variable decreases.
b. when the x-variable decreases, the y-variable increases.
c. when the x-variable increases, the y-variable increases.
d. More than one of the above is correct.
b
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Based on the figure above, in which quarter or quarters did a peak occur?
A) between 2012, 2nd quarter to 2013, 2nd quarter and also between 2014, 2nd quarter to the end of the figure B) in 2013, 2nd quarter C) in 2014, 2nd quarter D) between 2013, 2nd quarter to 2014, 2nd quarter E) There are no peaks illustrated in the figure.
Why do the perfectly competitive firms earn only normal profits in the long run?
a. Entry or exit is barred b. Firms produce identical products c. A large number of buyers and sellers exist in the market d. Aggregate demand remains constant e. There is free entry and exit of firms
Which of the following events could explain an increase in interest rates together with an increase in investment?
a. The government runs a larger deficit. b. The government institutes an investment tax credit. c. The government replaces the income tax with a consumption tax. d. None of the above is correct.
This problem should be done in four steps. First, fill in the table directly below. Assume that fixed cost is $100 and price is $130. Second, on the graph paper draw the graphs of the firm's demand, marginal revenue, average variable cost, average total cost, and marginal cost curves. Be sure you label the graph correctly. Indicate the firm's short-run and long-run supply curves, and the break-even and shutdown points. Third, calculate total profit in the space below and then answer questions A through D. Fourth, complete the second table.
A. The minimum price the firm would accept in the short run would be $___________.
B. The minimum price the firm would accept in the long run would be $___________.
C. The output at which the firm would operate most efficiently would be ___________.
D. The output at which the firm would maximize profits would be ___________.
