Prior to the Civil War most state banks issued their own banknotes. This resulted in all of the following problems except:
A. their values decreased as the holder moved further from the bank.
B. they were worthless if the bank failed.
C. they were usually redeemable in gold.
D. they were not efficient as a means of payment if the holder was far from the bank.
Answer: C
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Which of the following is not true for a firm in perfect competition?
A) Price equals average revenue. B) Average revenue is greater than marginal revenue. C) Marginal revenue equals the change in total revenue from selling one more unit. D) Profit equals total revenue minus total cost.
As the percentage of a group required for agreement approaches 100 percent, _____ costs _____
a. decision-making costs; increase b. decision-making costs; decrease c. political costs; increase d. political costs; decrease
In peak-load pricing, once capacity is reached, the firm's short-run marginal cost curve becomes ________.
A) downward sloping B) vertical C) negative D) horizontal
The only variable that can affect a movement along the demand curve is
A) income levels. B) the price of the good itself. C) the number of buyers. D) the number of substitutes.