The firm's supply curve is their
A. the entire marginal cost curve.
B. marginal cost curve above the minimum of AVC.
C. marginal cost curve above the minimum of ATC.
D. the upward sloping portion of the marginal cost curve.
Answer: B
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If there is an increase in the demand for automobiles, and at the same time auto workers receive a substantial raise, what will happen to equilibrium price and quantity in the automobile market?
a. Price and quantity will rise. b. Price and quantity will fall. c. Price will rise; quantity will fall. d. Quantity will rise; price change cannot be determined. e. Price will rise; quantity change cannot be determined.
The basic difference between macroeconomics and microeconomics is that
a. macroeconomics is concerned with the forest (aggregate markets), while microeconomics is concerned with the individual trees (subcomponents). b. macroeconomics is concerned with policy decisions, while microeconomics applies only to theory. c. microeconomics is concerned with the forest (aggregate markets), while macroeconomics is concerned with the trees (subcomponents). d. opportunity cost is applicable to macroeconomics, and the fallacy of composition relates to microeconomics.
If you are vacationing in France and the dollar depreciates relative to the euro, then
a. the dollar buys more euros. It will take fewer dollars to buy a good that costs 50 euros. b. the dollar buys more euros. It will take more dollars to buy a good that costs 50 euros. c. the dollar buys fewer euros. It will take fewer dollars to buy a good that costs 50 euros. d. the dollar buys fewer euros. It will take more dollars to buy a good that costs 50 euros.
A main debate between the Classical economists and Keynesian economists was related to: (2)
What will be an ideal response?