The supply curve for a perfectly competitive industry is obtained by
A. making an empirical study of historical data.
B. vertically summing the supply curves of firms in the industry.
C. horizontally summing the average cost curves of firms in the industry.
D. horizontally summing the supply curves of firms in the industry.
Answer: D
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The "medium of exchange" function of money means it is the:
a. The unit in terms of which people write contracts. b. Barter value of a product for which a nation has a comparative advantage. c. Unit in terms of which everything is valued and the basis for establishing relative prices between goods and services. d. Asset individuals get for goods and services and then use later to purchase other goods and services. e. Asset people can use to accumulate wealth.
Hasan eats two slices of pizza. What is the total utility of these two slices?
a. 8
b. 10
c. 18
d. 24
If 9 workers can produce 1,550 units of output and 10 workers can produce 1,700 units of output, then the marginal product of the 10th worker is
A) 1,700 units. B) 1,550 units. C) 150 units. D) 170 units. E) 155 units.
Suppose China Airlines wants to purchase a French Airbus. The price of the Airbus is 95 million Euro. If the exchange rate is 1 euro per 10 yuan, the price of this airplane to China Airlines is
A) 950 million yuan. B) 10.52 million yuan. C) 10 million yuan. D) 9.5 million yuan.