A price floor keeps a price:
a. from rising above a certain level.
b. from decreasing below a certain level.
c. at a stabilized point.
d. from increasing or decreasing.
b. from decreasing below a certain level.
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When the foreign exchange value of the Mexican peso is above its equilibrium rate, the peso will:
a. tend to be revalued. b. tend to increase in value over other currencies. c. be high demand in the foreign exchange market. d. tend to depreciate. e. tend to appreciate.
Japanese rice farmers are facing the same kind of economic future as American corn farmers have faced
Indicate whether the statement is true or false
Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your total cost (in dollars) is given by the equation TC = 300 + 10Q, where Q represents the number of t-shirts you make. If you make 100 t-shirts, your average total cost is ________.
A. $10 B. $3 C. $3.10 D. $13
A good for which demand decreases when income increases is known as a(n) ________ good.
A. normal B. inferior C. complementary D. substitute