A slope is measured as the
A) value of the variable measured on the y-axis divided by the value of the variable measured on the x-axis.
B) value of the variable measured on the x-axis divided by the value of the variable measured on the y-axis.
C) change in the value of variable on the y-axis divided by the change in the value of the variable on the x-axis.
D) value of the variable measured on the y-axis minus the value of the variable measured on the x-axis.
E) value of the variable measured on the x-axis minus the value of the variable measured on the y-axis.
C
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The marginal revenue curve of a monopolistic competitor ________
A) lies above the demand curve B) lies below the demand curve C) is the same as the demand curve D) is the same as the supply curve
Which of the following are not thrift institutions?
A) Savings and loan associations (S&Ls) B) Mutual savings banks C) Money market mutual funds D) Credit unions
A black market is a market in which
A) goods are traded at prices above their legal maximum prices. B) sales taxes are effectively doubled. C) goods are sold at outlet prices. D) sales take place exclusively at outlet prices.
A constant-cost, perfectly competitive market is in long-run equilibrium. At present, there are 1,000 firms each producing 400 units of output. The price of the good is $60
Now suppose there is a sudden increase in demand for the industry's product which causes the price of the good to rise to $64. In the new long-run equilibrium, how will the average total cost of producing the good compare to what it was before the price of the good rose? A) The average total cost will be the same as it was before the price increase. B) The average total cost will be lower than it was before the price increase because of economies of scale. C) The average total cost will be higher than it was before the price increase because of diseconomies of scale arising from the increased demand. D) The average total cost will be higher than it was before the price increase since the increase in demand will drive up input prices.