If the price of a product is $10 per unit and the variable cost per unit is $5, the firm is making a profit.
Answer the following statement true (T) or false (F)
False
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Suppose that the quantity of cars demanded exceeds the quantity of cars supplied. We would expect that
A) the price of cars will increase. B) the price of cars will decrease. C) the supply will increase (supply will shift to the right) to meet the demand. D) the demand will decrease (demand will shift to the left) to meet the supply.
Collusion and cartels are frequently legal in Europe
a. True b. False
The chairman of the Federal Reserve is considered one of the most important economic positions in the world because this person has significant direct control over the conduct of:
A. international trade policy in the United States. B. fiscal policy in the United States. C. monetary policy in the United States. D. government budget in the United States.
A person who discovers that he/she has advanced stages of cancer and calls his/her life insurance agent to double his/her insurance policy is an example of:
A. the problem of information symmetry. B. a moral hazard risk. C. the risk of adverse selection. D. risk spreading.