The slope of a curved line differs from that of a straight line in that
A. the numerical value of the slope of a straight line is different at every point but is the same at every point for a curved line.
B. the numerical value of the slope of a straight line is always higher than the numerical value of the slope of a curved line.
C. the numerical value of the slope of a curved line is different at every point but is the same at every point for a straight line.
D. the numerical value of the slope of a curved line is an irrational number, but the numerical value of the slope of a straight line is always a rational number.
E. straight lines are more realistic, but curved lines are not descriptively accurate for the real world.
Answer: C
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A major impact of the transatlantic telegraph was
A) a reduction in time required to complete a financial transaction between New York and London B) an increase in labor flows across the Atlantic. C) a decrease in trade barriers between the United States and Europe. D) an increase in trade conflicts between the United States and Europe. E) that nations abandoned the gold standard.
For a nondiscriminating monopolist, which of the following is false?
a. The monopolist produces where MR = MC. b. The monopolist's marginal revenue curve is the same as its demand curve. c. The monopolist will never produce in the inelastic range of its demand curve. d. A monopolist is more allocatively inefficient than a perfectly competitive firm. e. The monopolist produces where P > MC.
Although price searchers can set their prices, the prices they can set are still affected by market conditions.
a. True b. False 2. Suppose firms in a competitive price-searcher market with low barriers to entry are earning an economic profit. Firms will (enter/exit) this market until economic profits are (zero/postive/ negative)
Which is the most accurate statement?
A. The poverty of older Americans is much greater than the problem of child poverty. B. Public assistance has been considered a great success. C. Medicare and Medicaid date back to the New Deal of the 1930s. D. Less than half of those eligible receive food stamps.