At a price of $15 each, Marta buys 4 books per month. When the price increases to $20, Marta buys 3 books per month. Luz says that Marta's demand for books has decreased. Is Luz correct?
A) Yes, Luz is correct.
B) No, Luz is incorrect. Marta's demand has increased.
C) No, Luz is incorrect. Marta's quantity demanded has decreased, but her demand has stayed the same.
D) No, Luz is incorrect. Marta's quantity demanded has increased, but her demand has stayed the same.
E) No, Luz is incorrect. Marta's quantity demanded has decreased and her demand has increased.
C
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Consider a perfectly competitive firm for which MC equals ATC at the $10 level, and MC equals AVC at the $8 level. If the market price is $7,
a. the firm can earn an economic profit. b. the firm will suffer an economic loss but should operate in the short run. c. the best the firm can do is to break even. d. the firm should shut down in the short run.
What does LIBOR stand for?
A) London Interbank Offer Rate B) Least Integral Borrowing Order Rate C) Local Interest Bank Ongoing Rate D) Liberalized Interoffer Borrowing Rate
A business owner makes 100 . items a day. Each day he/she contributes 8 hours to produce those items. If hired, elsewhere he/she could have earned $250 an hour. The item sells for $15 each. Production does not stop during weekends. If the explicit costs total $150,00 . for 30 days, the firm's accounting profit for the month equals:
a. $300,000 b. $60,000 c. $450,000 d. $240,000
Refer to the following nonlinear model which relates W to P, Q, and R:W = aPbQcRdThe computer output form the regression analysis is: 
Based on the info above, the value of R2 tells us that
A. 90.23% of the total variation in ln W is explained by the regression equation. B. 0.9023% of the total variation in P, W, and R is explained by the regression equation. C. 0.9023% of the total variation in ln W is explained by the regression equation. D. 0.9023% of the total variation in ln P, ln Q, and ln R is explained by the regression equation.