The production possibilities curve demonstrate which of the following concepts?
A) scarcity
B) choice
C) trade-offs
D) all of the above
Answer: D
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Everything else equal, an increase in the supply of dollars in exchange for pesos:
A) will cause the dollars to depreciate against the pesos and will increase the quantity of dollars being traded in the foreign exchange market. B) will cause the dollars to appreciate against the pesos and will decrease the quantity of dollars being traded in the foreign exchange market. C) will cause the dollars to depreciate against the pesos and will decrease the quantity of dollars being traded in the foreign exchange market. D) will cause the dollars to appreciate against the pesos and will increase the quantity of dollars being traded in the foreign exchange market.
Suppose a monopolist's costs and revenues are as follows: ATC = $45.00; MC = $35.00; MR = $35.00; P = $45.00. The firm should
A) increase output and decrease price. B) decrease output and increase price. C) not change output or price. D) shut down.
If total utility increases from 10 to 15 for the second unit of a good consumed, the marginal utility of the second unit is 25
a. True b. False Indicate whether the statement is true or false
According to the law of demand, other things equal, when the price of a good or service falls, demand increases
a. True b. False Indicate whether the statement is true or false