Money that is acceptable because the government requires that it be accepted in payment of debt is _____
a. legal tender
b. commodity money
c. bad money
d. backed by government's wealth
e. hoarded by the people
a
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If total cost is €700 when output is zero, €1,000 when output is 10 and €1,400 when output is 20, then fixed cost is:
(a) €1000. (b) €1400. (c) €900. (d) €700.
Why do the individual demand curves for Peter and Lois have steeper downward slopes than the market demand curve?
a. The market demand curve has a larger change in quantity of coffee demanded than individual curves.
b. The market demand curve has a larger change in coffee prices than individual curves.
c. The market demand curve has a lesser change in quantity of coffee demanded than individual curves.
d. The market demand curve has a lesser change in coffee prices than individual curves.
Refer to the above diagram. All data are for the short run. If product price is P2, the firm will:
A. produce Q5 units and break even. B. produce Q2 units and make an economic profit. C. close down to avoid a loss. D. produce Q2 units and suffer a loss.
Refer to the given data. What will be the profit-maximizing selling price of the product?
Use the resource demand data shown on the left and the resource supply data on the right in answering the following question:
A. $1.40.
B. $1.60.
C. $1.80.
D. $2.00.