Considering how a change in one variable affects the value of another variable is called:
A. the Peter Principle.
B. the marginal principle.
C. the principle of supply and demand.
D. functional decision making.
Answer: B
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Imagine a crude banking system based on a reserve of 100 gold coins, with circulating paper deposit claims on 500 gold coins
This situation is sustainable if, among other things, merchants ________ accept paper claims on gold as payment for their goods, and gold coins withdrawn from the banking system are ________ the system. A) will, returned to B) will, kept out of C) will not, returned to D) will not, kept out of
Voters may choose to remain uninformed about an issue because of:
a. the special-interest effect. b. rational ignorance. c. bureaucratic inefficiency. d. the shortsightedness effect.
A single-price monopolist with a positive marginal cost will maximize profit by producing where
A. demand is price inelastic. B. demand is price elastic. C. demand is unit elastic. D. Any of these may apply.
Bartech, Inc. is a firm operating in a competitive market. The manager of Bartech forecasts product price to be $28 in 2015. Bartech's average variable cost function is estimated to beAVC = 10 ? 0.003Q + 0.0000005Q2Bartech expects to face fixed costs of $12,000 in 2015. At what level of output will Bartech's average variable cost reach its minimum value?
A. 3,000 units B. 2,000 units C. 4,000 units D. 6,000 units E. 5,000 units