Liquidity refers to the availability of cash, or other assets that can be quickly converted to cash, to meet obligations
a. True
b. False
Indicate whether the statement is true or false
True
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The average total cost curve of a firm is U shaped but the average variable cost is not.
Answer the following statement true (T) or false (F)
The bus company in Detroit found that when it reduced its price in order to get more people to use the bus—and more people did—the bus company's total revenue still remained the same. Why did they get this surprising result? a. The demand curve was horizontal, reflecting a price elasticity of zero. b. The demand curve was vertical, reflecting a price elasticity of zero. c. The demand curve
shifted to the right. d. The price elasticity within the range of price-before-the-cut and price-after-the-cut was unit elastic. e. The price cut was insufficient. A deeper cut would have increased total revenue.
The MU/P of a good will decrease when there is a(n)
a. fall in the price of the good b. increase in its marginal utility c. increase in the price of a good d. increase in consumer surplus e. decrease in income
Unemployment insurance typically replaces a worker's full earnings.
Answer the following statement true (T) or false (F)