The supply curve is a __________ line that reflects the _______ relationship between price and quantity supplied.
A. downward-sloping; inverse
B. upward-sloping; inverse
C. downward-sloping; direct
D. upward-sloping; direct
D. upward-sloping; direct
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Today 1 euro can be purchased for $1.10. This is the
A) spot exchange rate. B) forward exchange rate. C) fixed exchange rate. D) financial exchange rate.
In general, the cost of an input:
A. decreases when you've reached the point of diminishing marginal product in your firm. B. stays the same when you've reached the point of diminishing marginal product in your firm. C. increases when you've reached the point of diminishing marginal product in your firm. D. is minimized when you've reached the point of diminishing marginal product in your firm.
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 labor intensive?
A. A B. B C. C D. D
There would be ________ excess burden from a tax if demand were perfectly inelastic.
A. a 100 percent B. no C. an evenly shared D. a negative