A decrease in the market clearing exchange value of the home nation's currency in terms of the currency of another nation is a home currency
A) appreciation.
B) revaluation.
C) depreciation.
D) devaluation.
Answer: C
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Price is taken to be a "given" by an individual firm selling in a competitive market because
A. there are no good substitutes for the firm's product. B. each producer supplies a negligible fraction of the total market. C. the firm's demand curve is downward-sloping. D. product differentiation is reinforced by extensive advertising.
Deadweight loss:
A. occurs in markets that are efficient. B. occurs when markets are in equilibrium. C. is the loss in surplus from a market not in equilibrium. D. is additional surplus from an additional market transaction.
One of the important differences between binding and not binding price ceiling is that a binding price ceiling is set above the equilibrium price, while a not binding price ceiling is set below the equilibrium price
a. True b. False Indicate whether the statement is true or false
Which of the following is the incorrect statement?
A. The slope of the net benefit curve is vertical where MB = MC. B. dB(Q)/dQ = MB. C. The marginal benefits curve is the slope of the total benefits curve. D. The vertical difference between the total benefit curve and the total cost curve is maximized at the optimal level of Q.