The exchange rate of currencies between countries affects the prices of the goods purchased and sold between them.
Answer the following statement true (T) or false (F)
True
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Suppose that the price of flour used to produce bagels increases. Hence the equilibrium price of a bagel ________ and the equilibrium quantity ________
A) rises; increases B) does not change; does not change C) falls; increases D) rises; decreases E) falls; decreases
The above table shows the demand schedule and supply schedule for chocolate chip cookies. An increase in income results in an increase in the demand for chocolate cookies by an amount of 3 pounds at every price
What are the new equilibrium quantity and equilibrium price? A) 5 pounds, $4.00 per pound B) 5 pounds, $6.00 per pound C) 5 pounds, $5.00 per pound D) 4 pounds, $5.00 per pound
A firm's short-run supply curve is the same as _____ if it produces the good
A. its marginal revenue curve B. the upward-sloping part of its marginal cost curve C. its marginal cost curve above minimum average variable cost D. its marginal cost curve above minimum average total cost
During the late 1990s, actual output in the United States appears to have exceeded potential output. Under these circumstances, we would eventually expect factor prices to ___________
Fill in the blank(s) with the appropriate word(s).