The equation of exchange states:
a. MV = PQ.
b. MP = VQ.
c. MP = V/Q.
d. V = M/PQ.
a
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The above figure shows the demand and cost curves for a firm in monopolistic competition. In the figure, the firm makes an economic profit of
A) $0. B) $20. C) $40. D) $120.
Which of the following is NOT an assumption of marginal utility theory?
A) People derive utility from their consumption. B) More consumption yields more total utility. C) Marginal utility diminishes with more consumption. D) Utility can be measured and the units of utility are precisely defined.
The number one cause of death in the United States in 1980 was
a. AIDS. b. heart disease. c. cancer. d. stroke. e. homicide and accidents.
The most common reason for the existence of oligopolies is
A. product homogeneity B. advertising. C. economies of scale. D. ease of entry.