If the price of a haircut increases,
a. haircuts become more expensive relative to other goods and services
b. haircuts become less expensive relative to having a friend cut your hair
c. people will have their hair cut more often
d. haircuts become less expensive relative to other goods and services
e. the budget constraint will shift outward
A
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Answer the next question based on the demand and cost schedules for a monopolistically competitive firm given in the table below.PriceQuantity DemandedTotal CostOutput$201$101182202163293144364125405106426What will be the economic profit or loss for this monopolistically competitive firm at the profit-maximizing level of output?
A. +$20 B. +$10 C. -$15 D. +$28
Which of the following best describes circumstances surrounding the breakdown of the Bretton Woods system?
a. The United States was enjoying a persistent trade surplus. b. There was too much dependence on the dollar because no other country had a stable currency. c. Germany, with its strong currency, refused to defend the dollar. d. Speculators were betting on the fall of the dollar. e. All the other nations basically wished their currencies to appreciate, which was impossible under the system.
Voluntarism often has proved to be weak and unreliable. Does it still have a place in controlling activities that damage the environment?
Making choices that are expected to achieve the highest possible value for some objective is termed:
A) maximizing. B) minimizing. C) sanitizing. D) satisfying.