Refer to the above graph. As the price level changes, real domestic output remains constant with which line?
A. 1
B. 2
C. 3
D. 4
Answer: D
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Value added is equal to the value of a firm's production minus
A) all of its costs of production. B) labor costs. C) investment expenditures. D) intermediate goods used in production.
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 400 and Qd = 500 - 0.02W, where W is the annual wage of a coal miner and Q is the number of coal miners. What wage must be paid at the profit maximizing quantity of coal miners?
A. $23,333 B. $16,670 C. $13,336 D. $21,667
Evaluate the following statement, "Warren Buffet is the second richest person in the world. He doesn't face any constraint on his ability to purchase commodities he wants."
When is a buyer NOT willing to spend a lot of time and energy researching the market?
a) when buying a large quantity of goods b) when there are many identical products available c) when the savings to be made are small d) when prices vary but quality is the same