Marginal, average, and total figures are bound together. If any two are known, the third can be calculated
a. True
b. False
Indicate whether the statement is true or false
True
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The discovery of a new oil field has attracted several new investors to Oiland. How will this affect Oiland's labor demand curve?
What will be an ideal response?
If the Federal Reserve raises the U.S. interest rate, foreigners'
A) demand for U.S. dollars will increase and the exchange rate will rise. B) demand for U.S. dollars will decrease and the exchange rate will fall. C) demand for U.S. dollars will increase and the exchange rate will fall. D) demand for U.S. dollars will decrease and the exchange rate will rise.
Refer to Table 4-4. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be
A) $0. B) $14. C) $26. D) $53.
Commodity products are
a. rare and expensive b. patented and licensed c. highly differentiated d. uniform or standardized e. ones without impurities