The above graph shows the demand and cost conditions facing a price-setting firm. The firm will produce ________ units of output and charge a price of ________.
A. 50, $9
B. 40, $8
C. 50, $6
D. 60, $10
E. none of the above
Answer: E
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"The minimum wage should be increased so that low-income workers can afford to feed their families." This is an example of: a. a positive economic statement
b. a negative economic statement. c. the fallacy of composition. d. a normative economic statement.
During a certain year, the consumer price index increased from 120 to 132 and the purchasing power of a person's bank account increased by 4 percent. For that year,
a. the nominal interest rate was 6 percent. b. the nominal interest rate was 14 percent. c. the inflation rate was 12 percent. d. the inflation rate was 9 percent.
In a multiple exchange-rate system, the government determines which kinds of transactions are to be conducted at which exchange rate.
a. true b. false
income expressed in current year dollars
What will be an ideal response?