Marginal CostMarginal Cost
What will be an ideal response?
is the change in variable cost divided by the number of additional pizzas produced.
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When the market price is above equilibrium then ____ and when the market price is below equilibrium, then ____.
A. quantity demanded is greater than quantity supplied; quantity supplied is greater than quantity demanded. B. quantity supplied is greater than quantity demanded; quantity supplied is greater than quantity demanded. C. quantity supplied is greater than quantity demanded; quantity demanded is greater than quantity supplied D. the market is in equilibrium; the market is in equilibrium.
If E1 is the demand elasticity for a product after a price change has been in effect one day, E2 is the demand elasticity for that product after one week, and E3 is demand elasticity for that product after one month,
A. |E3| > |E2| > |E1| B. |E3| > |E1| > |E2| C. |E1| > |E2| > |E3| D. |E2| > |E3| > |E1|
Andrew has the utility of wealth curve shown in the above figure. He owns an SUV worth $30,000, and that is his only wealth. There is a 10 percent chance that he will have an accident within a year. If he does have an accident, his SUV is worthless
What is Andrew's expected wealth? A) $30,000 B) $27,000 C) $20,000 D) zero
A positive relationship exists between monetary growth and interest rates when the
A) aggregate supply curve is horizontal. B) aggregate demand curve is horizontal. C) price level is fixed. D) income effect offsets the liquidity effect.