The short-run supply curve of a perfectly competitive firm is the
a. upward-sloping portion of its average total cost curve
b. upward-sloping portion of its average variable cost curve
c. average fixed cost curve at all levels of output
d. marginal cost curve, which lies above the average variable cost curve
e. downward-sloping portion of its marginal cost curve
D
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A bond issuer agrees to pay a stated nominal amount each year. An increase in the nominal interest rate will cause
A) the price of the bond to fall. B) the price of the bond to rise. C) the nominal value of the bond's coupon to rise. D) the nominal value of the bond's coupon to fall.
Which of the following is subtracted from gross national product to arrive at the net national product?
a. net income of foreigners b. depreciation c. indirect business taxes d. transfer payments
As prices in Zimbabwe began to rise:
A. Mugabe was able to pay bribes with the new money and then started the process of reducing inflation. B. people immediately lost faith in the Zimbabwean dollar, causing its value to plummet to zero. C. people updated their inflation expectations so that future increases in the money supply were impossible. D. the government had to print even more money to continue to buy just as many goods as it did before.
A profit-maximizing firm will use additional units of resources for production until:
A. Total, average, and marginal cost are equal B. Total, average, and marginal revenue are equal C. The marginal revenue product equals the marginal resource cost D. The marginal revenue product is greater than the marginal resource cost