If a firm's demand is subject to random fluctuations, the firm's ________ will also be random.
A) marginal revenue
B) average total cost
C) average variable cost
D) marginal cost
A) marginal revenue
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If the change in the y-axis variable is 4 and the change in the x-axis variable is 2, the slope of this line is 1/2
Indicate whether the statement is true or false
Before 1860, most of the U.S. population lived _____ and most workers _____
a. in small to medium cities; were members of trade guilds b. in rural areas; were self-employed c. in large cities; were self-employed d. in large cities; were employed in mills and factories
We can predict the outcome of a two-player game as long as
a. each player follows a strategy that negates the other player's strategy b. at least one player has a bilateral strategy c. neither player has a subsistence strategy d. neither player has a dominant strategy e. at least one of the players has a dominant strategy
What is the type of economic system that relies on one central authority to make economic decisions?
A) free market B) price system C) command and control D) mixed economic system