To calculate the slope of a line, find the vertical distance between two points and divide it by the horizontal distance between the same two points.
Answer the following statement true (T) or false (F)
True
This is the same as rise over run, or change in y divided by change in x.
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A small business owner who is earning a positive economic profit, no matter how small, is doing better than if he or she sold his or her business and went to work for another firm.
Answer the following statement true (T) or false (F)
In the short run, which of the following would indicate that a perfectly competitive firm is producing an output for which it is receiving a normal profit?
A) P > AC B) AVC < P < AC C) P = AC D) P = AVC
A set of indifference curves that are only slightly bowed inward represent goods that could best be described as
a. perfect substitutes. b. perfect complements. c. very close substitutes. d. very close complements.
?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. Comparing the minimum wages between 1974 and 2015 addresses the economic concept of:
A. the marginal principle. B. the principle of voluntary exchange. C. the principle of diminishing returns. D. the real-nominal principle.