In which statement(s) is "supply" used correctly? (I) "An increase in the price of flour will increase the supply of flour." (II) "As the cost of producing flour rises, the supply of flour will tend to fall."
a. in both statements I and II
b. in statement I only
c. in statement II only
d. in neither statements I nor II
C
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The fundamental identity of national income accounting implies ________
A) Expenditure = Production + Income B) Expenditure = Production = Income C) Income = Expenditure - Production D) Income = Expenditure / Production E) None of the above
What is least accurate about marketing and selling in the US after the Civil War?
a. Advertising on a national scale became a widely accepted practice. b. There was a large increase in firms with brand names. c. There was a decrease in product differentiation—goods became more alike. d. The quality of non-durable goods improved significantly.
Quasi-concavity of utility functions insures that with only two goods, these goods must be:
a. gross substitutes. b. gross complements. c. net substitutes. d. net complements.
If a firm is producing the level of output at which the total cost curve intersects the total revenue curve,
a. profit is positive b. profit is maximized c. profit is zero d. costs are minimized e. average revenue is maximized