In the short run, the individual competitive firm's supply curve is that segment of the:
A. average variable cost curve lying below the marginal cost curve.
B. marginal cost curve lying above the average variable cost curve.
C. marginal revenue curve lying below the demand curve.
D. marginal cost curve lying between the average total cost and average variable cost curves.
Answer: B
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The table above gives the production possibilities frontier for two countries, Anaconda and Bear. The opportunity cost of moving from ________ is greater for ________
A) point E to point D; Bear B) point A to point B; Anaconda C) point B to point A; Bear D) point D to point E; Bear E) any point to any other point; Bear
If savers require a 2% return and inflation is expected to be 3%, what approximate rate will banks offer savers?
A) 1% B) 3.2% C) 5% D) 6%
According to the above table, at a price of $8 per unit, other things constant
A) consumers will continue to bid prices upward. B) there will be no tendency for the market to approach an equilibrium. C) a surplus of 100 units will exist. D) a shortage of 80 units will exist.
Unlike demand, the longer the time suppliers have to respond to a change in price, the less elastic is the supply curve
a. True b. False Indicate whether the statement is true or false