A negative relationship exists between the variable measured along the y-axis and the variable measured along the x-axis if
A) a reduction in the variable measured along the x-axis is associated with a reduction in the variable measured along the y-axis.
B) an increase in the variable measured along the x-axis is associated with an increase in the variable measured along the y-axis.
C) the variable measured along the x-axis and the variable measured along the y-axis move in the opposite direction.
D) the variable measured along the x-axis and the variable measured along the y-axis move in the same direction.
C
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Assume a perfectly competitive firm is producing 300 units of output, P = $10, ATC of the 300th unit is $8, marginal cost of the 300th unit = $10, and AVC of the 300th unit = $6. Based on this information, the firm is:
A) earning an economic profit of $600. B) earning an economic profit of $1,200. C) incurring a loss of $600. D) incurring a loss of $1,200.
The science of "knowing the customer" is referred to as
A) revenue management. B) reverse elasticity. C) supply analysis. D) equilibrium analysis.
Pork from pigs can be used to produce bacon or sausage, but not both. If the price of bacon rises for some reason, then, everything else equal: a. the price of sausage will rise
b. the price of sausage will fall. c. the resources used to raise pigs will become less expensive. d. the demand for bacon will decrease.
Refer to Exhibit 6-2. The unemployment rate in year 2 is
a. 75 percent. b. 33 1/3 percent. c. 50 percent. d. 66 2/3 percent. e. 25 percent.