Usury laws carry the potential of hurting
a. borrowers.
b. lenders.
c. borrowers and lenders.
d. government.
c
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A price searcher faces the following demand function: At $7, 6, 5, 4, and $3, the quantity demanded is 300, 400, 500, 600, and 700 units respectively. If the firm's marginal cost is $100 at any level of output, it would maximize net revenues by
A) producing 400 units and charging $6. B) producing 500 units and charging $5. C) producing 600 units and charging $4. D) producing 700 units and charging $3.
A waitress brings a free glass of water when you sit down in a restaurant. This glass of water is
A) a service because the waitress carried it instead of making it. B) a good, but not an economic good because there is no price charged for the water. C) a bad because there is no price charged for the water. D) an economic good because the water is a scarce resource, even if it is free to you.
Refer to the graph. Which one of the following would cause a move from point d to point e along short-run average total cost curve ATC 2?
A. Diminishing marginal returns.
B. An increase in the wage rate.
C. A decrease in the wage rate.
D. Increasing marginal returns.
The typical marginal cost curve faced by monopolists is U-shaped, whereas the average cost curve is upward sloping
a. True b. False Indicate whether the statement is true or false