Refer to Table 12-2. How many pounds of apples should Margie sell to maximize her profit?
A) 300 pounds
B) 400 pounds
C) This cannot be determined without knowing Margie's total or marginal production costs.
D) This can be determined only when all of the values for market price, total revenue, average revenue and marginal revenue are given.
C
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Secular deflation occurs when
A) both aggregate demand and aggregate supply are shifting left. B) there is no economic growth and aggregate demand falls. C) aggregate demand increases at the same time there is no economic growth. D) aggregate demand remains unchanged while economic growth increases long-run aggregate supply.
You have data for the amount of rainfall in 50 cities for the month of June. The type of graph to best display these data would be a
A) multi-variable time series graph. B) trend-line diagram. C) time-series graph. D) scatter diagram. E) cross-section graph.
If the money multiplier is approximated to be 2, then the reserve ratio must be:
A. 5 percent. B. 50 percent. C. 2 percent. D. 20 percent.
In year 1 the average price of X is $10, and in year 2 the average price of X is $23. If consumers buy more units of X in year 2 than in year 1, it follows that
A) the law of supply does not hold for good X. B) demand for good X could be higher in year 2 than in year 1. C) supply of good X could be less in year 2 than in year 1. D) good X buyers have received an increase in income between year 1 and year 2, and good X is a normal good. E) b and d