Figure 10-5
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In Figure 10-5, points which lie on the firm’s short-run supply curve are
A. A, B, C.
B. C, D, H.
C. F, E, G.
D. A, C, H.
Answer: B
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Refer to Figure 12-5. The firm's manager suggests that the firm's goal should be to maximize average profit. If the firm does this, what is the amount of profit that it will earn?
A) $6,600 B) $6,750 C) $12,150 D) $36,000
Within a system of perfectly flexible exchange rates, an decrease in the United States demand for imports would result in a
a. rise in the exchange rate. b. fall in the exchange rate. c. balance of payments deficit. d. balance of payments surplus.
A rational consumer should not consume more of a good when:
a. total utility is decreasing. b. marginal utility is diminishing. c. both a and b. d. income is decreasing. e. the price is high.
Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. If the lemonade market is perfectly competitive, and Jenny is charging the equilibrium price, then Jenny can increase her revenue if she:
A. increases the price of her lemonade and decreases her output. B. keeps the price of her lemonade the same and increases the output. C. decreases the price of her lemonade and doesn't change her output. D. increases the price of her lemonade and doesn't change her output.