A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000. The price of each good is $10. Calculate the firm's short-run profit or loss
A) loss of $6,000
B) profit of $30,000
C) profit of $6,000
D) There is insufficient information to answer the question.
A
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Assuming all else equal, the credit supply curve shows the relationship between the quantity of credit supplied and the:
A) real wage rate. B) real interest rate. C) income tax rate. D) inflation rate.
Appendix: When using a multiplicative power function (Y = a X1b1X2b2X3b3) to represent an economic relationship, estimates of the parameters (a, and the b's) using linear regression analysis can be obtained by first applying a ____ transformation to convert the function to a linear relationship
a. semilogarithmic b. double-logarithmic c. reciprocal d. polynomial e. cubic
A firm that places its assets in the custody of a board of trustees is called a:
a. trust. b. combination. c. cartel. d. all of these.
Which of the following is not a form of money?
a. checkable deposits b. travelers' checks c. currency d. credit cards