Define a variable and give two examples that would apply to economics
What will be an ideal response?
A variable is a measure that can change from time to time or from observation to observation. Income is a variable—it has different values for different people and different values for the same person at different times. The rental price of a movie on a DVD is a variable; it has different values at different stores and at different times.
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The ratio of a change in consumption to a change in income is the:
a. consumption function. b. propensity to consume. c. average propensity to consume. d. extra propensity to consume. e. marginal propensity to consume.
In a monopolistically competitive market, the long-run profit-maximizing price of a good is equal to its average cost of production
a. True b. False Indicate whether the statement is true or false
A firm produces 200 pop-up speakers at an average total cost of $27 and an average variable cost of $24. What is the firm's level of total fixed cost?
a. $3 b. $200 c. $600 d. $4,800
Which of the following is closest to a perfectly competitive market?
A) the computer software market B) the market for handmade guitars C) the market for broccoli D) the market for athletic shoes