Look at the five goods below to determine which of the five best fits the following statement: How much people spend on a good tends to be independent of its price
a. birthday candles
b. automobile
c. mattress
d. lobster dinner
e. rock concert
A
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In order to survive in political office, politicians must be steadfast in their convictions and be unwilling to change their political platforms
a. True b. False
In general, microeconomic theory assumes that firms attempt to maximize the difference between
a. total revenue and accounting costs. b. price and marginal cost. c. total revenues and economic costs. d. economic costs and average cost.
Suddenly large number of tourists from Brazil start coming to Florida. What will this do to the U.S. exchange rate between the U.S. dollar and the Brazilian peso?
a. The U.S. dollar’s exchange rate will appreciate. b. The U.S. dollar’s exchange rate will depreciate. c. The Brazilian peso will appreciate. d. The exchange rates will not change.
The long-run average total cost curve of a firm envelops many short-run average total cost curves
a. True b. False Indicate whether the statement is true or false