The figure above shows ________ relationship between the two variables
A) a positive
B) a negative
C) no
D) an inverse
A
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A monopolistically competitive firm is producing at a short-run output level where average total cost is $10.00, marginal cost is $5.00, marginal revenue is $6.00, and price is $12.00. In the short run, the firm should
A. increase product price. B. make no change in the level of output. C. increase the level of output. D. decrease the level of output.
Rising agricultural prices and opportunities to own land provided people with incentives to migrate to the trans-Appalachian states
Indicate whether the statement is true or false
Unemployment rises in ____, and falls in ____
a. peaks; troughs b. booms; recessions c. expansions; contractions d. contractions; expansions
An economic model
a. uses equations to understand normative economic phenomena b. often omits crucial elements c. simplifies reality in order to focus on crucial elements d. tries to make simple concepts more complex e. cannot be proven wrong