Refer to the above figure. Profits will be positive
A. when the price equals $1.
B. at prices between $1 and $2.
C. when the price is above $2.
D. when the price equals $2.
Answer: C
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Which short-run cost curve continually declines as output increases?
A. Average fixed cost B. Total cost C. Marginal cost D. Average variable cost
Refer to the above figure. Suppose the economy is at point B and the central bank adopts expansionary monetary policy. In the short run, this will result in
A. the economy moving towards point A. B. the economy staying at point B. C. the economy moving towards point C. D. an outcome that cannot be predicted, as not enough information is given.
Refer to the information provided in Figure 6.7 below to answer the question(s) that follow.
Figure 6.7Refer to Figure 6.7. Along budget constraint AB, the price of good X is $10 and the price of good Y is $12. If the price of X increases to $15, the budget constraint will
A. pivot in at point A. B. pivot out at point A. C. pivot in at point B. D. shift in parallel to AB.
Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. Which technology is the most capital intensive?
A. A B. B C. C D. D