If marginal product is at a maximum, then marginal cost is at a minimum
a. True
b. False
Indicate whether the statement is true or false
True
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Which of the following causes the supply of leather jackets to decrease?
a. an increase in the price of leather jackets b. an increase in the price of leather c. a decrease in the price of zippers d. an increase in the number of motorcycles e. a decrease in consumer income
Bundling of products becomes _____, if the valuations of different customer groups are _____
a. more profitable; positively correlated b. less profitable; perfectly elastic c. less profitable; positively correlated d. more profitable; perfectly elastic
Under a system of flexible exchange rates, a decrease in demand for a nation's currency in the foreign exchange market will: a. make it less expensive for foreigners to buy the nation's goods
b. make it more expensive for the nation to import goods. c. cause the nation's balance on current account to shift toward a deficit. d. all of the above