In the above, as the y variable increases
A) the x variable is constant.
B) the x variable increases.
C) the x variable decreases.
D) the x variable at first increases but then decreases.
A
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In the above figure, the opportunity cost of moving from point D to point E is
A) 75 guitars. B) 55 guitars. C) 100 ukuleles. D) 100 guitars.
If a perfectly competitive market is in equilibrium and market demand decreases, which of the following would happen?
a. both producer and consumer surplus would increase b. both producer and consumer surplus would decrease c. producer surplus would decrease and consumer surplus would increase d. producer surplus would increase and consumer surplus would decrease e. producer and consumer surplus would remain unchanged
Intra-industry trade is the buying and selling of goods within ____________ industry/industries from one country to another.
a. different b. non-competitive c. the same d. multiple
Profits and losses play an important role in helping
a. to signal to government which businesses are suffering losses so that they can be subsidized. b. consumers decide which products they value the most by looking at each firm's profit. c. to allocate scarce resources in a manner that maximizes the value created to society. d. ensure that the total profits in the economy exactly equal the total losses.