A firm is currently operating where the MC of the last unit produced = $64, and the MR of this unit = $70 . What would you advise this firm to do?
a. Shut down.
b. Increase output.
c. Stay at current output.
d. Decrease output.
e. Decrease price.
b
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The demand for loanable funds curve shows the
A) positive relationship between the interest rate and the quantity of loanable funds demanded. B) positive relationship between the demand for loanable funds curve and the supply of loanable funds curve. C) U-shaped relationship between the interest rate and the quantity of loanable funds demanded. D) negative relationship between the interest rate and the quantity of loanable funds demanded. E) negative relationship between the demand for loanable funds curve and the supply of loanable funds curve.
When finding GDP algebraically, what is the final, unique equation that can be used?
a. GDP = C + Ip + G + NX b. GDP = AE + NX + T c. GDP = C + I + G + NX d. GDP = Y + T + G e. GDP = C + I + NX
Demand is more elastic for an item which represents a relatively large part of a person's total budget.
Answer the following statement true (T) or false (F)
Value is
A) the price we pay for a good. B) the cost of resources used to produce a good. C) objective so that it is determined by market forces, not preferences. D) the marginal benefit we get from consuming another unit of a good or service. E) the difference between the price paid for a good and the marginal cost of producing that unit of the good.