When the price of apples goes up:
A. the demand for apples will decrease, ceteris paribus.
B. the demand for apples will increase, ceteris paribus.
C. the quantity of apples demanded will decrease, ceteris paribus.
D. the quantity of apples demanded will increase, ceteris paribus.
Answer: C
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A country's balance of payment accounts include its government budget deficit or surplus
Indicate whether the statement is true or false
The output level at which a firm's long-run average total cost is minimized is known as its
a. profit-maximizing output level b. long-run marginal cost c. minimum efficient scale d. revenue maximization level e. equilibrium cost structure
The aggregate demand curve
a. would be little affected by a technological advancement b. shifts to the right when spending decreases c. shifts to the left when there is a decrease in taxes d. can shift independently of the aggregate supply curve e. shifts to the right when there is an expectation that future income will fall
Suppose a firm sells its product at a price lower than the opportunity cost of the inputs used to produce it. Which of the following statements is definitely true?
A. The firm will earn positive accounting and economic profits B. The firm will face accounting and economic losses C. The firm will face an accounting loss, but earn positive economic profits D. The firm may earn positive accounting profits, but will face economic losses