In the long run, all costs are considered variable
a. True
b. False
Indicate whether the statement is true or false
True
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A decrease in the personal income tax rate ________ disposable income which ________ consumption
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Which of the following is not true concerning producer surplus? a. It is qraphically the area under the supply curve and above the market price. b. It exists in equilibrium
c. A leftward shift of the supply curve will decrease producer surplus. d. A rightward shift of the supply curve will increase producer surplus.
A wage that allows people to pay for the necessities of life is known as a(n): a. equilibrium wage. b. minimum wage
c. living wage. d. fair wage. e. subsistence wage.
Why do people often hold money instead of bonds?
A. Bonds pay interest. B. Money is less liquid than bonds. C. Money is needed for transactions. D. Of the two, only money is a store of wealth.