In markets free from intervention, prices tend to move towards equilibrium because of
A) the "helping hand" of government.
B) increased demand from buyers.
C) increased supply by sellers.
D) the unintended consequences of choices among buyers and sellers pursuing their own plans.
D
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If profit is commonly defined as "total revenue minus total cost," then
A) there is no way to measure losses. B) a negative profit implies a loss. C) losses can only be measured as "total cost minus total revenue." D) profits must always equal losses.
Over the range of output, a firm’s marginal revenue initially increases and then decreases.
Answer the following statement true (T) or false (F)
According to the U.S. Department of Commerce, all persons, unrelated or related, who occupy a housing unit comprise
a. a family unit. b. a household. c. an extended family unit. d. group living.
Which of the following board of governors are responsible for setting and implementing the nation's monetary policy?
a. The Board of Governors, which consists of five members appointed by the Fed and confirmed by the Senate. b. The Board of Governors, which consists of seven members appointed by the president and confirmed by the Senate. c. The Board of Governors, which consists of four members appointed by the Senate and confirmed by the Fed. d. The Board of Governors, which consists of three members appointed by the president and confirmed by the Fed.