What is the average cost per unit for producing 3 units?
a. 200.
b. 260.
c. 70
d. 110.
b
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
When the Fed increases the money supply, the interest rate
a. rises b. falls c. remains unchanged d. rises during recessions only, otherwise remains unchanged e. falls during recessions only, otherwise remains unchanged
The adage, "There is no such thing as a free lunch," is used to illustrate the principle that
a. goods are scarce. b. people face tradeoffs. c. income must be earned. d. households face many decisions.
Which of the following examples would most likely be measured by the price elasticity of demand?
a. The sale of sweaters peaks during the holiday season and then plateaus. b. When sweaters are discounted by 10 percent, the number sold doubles. c. When sweaters go on sale, the company hires two more sales people. d. The holiday sweater sale lasts until the last garment is sold.