When the price curve is a horizontal line, it always coincides with all of the following except
a. MR
b. TR/Q
c. AR
d. change in total revenue divided by change in output
e. TC
E
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The United States exports
A) goods only. B) services only. C) manufactured goods only. D) goods and services. E) only agricultural products and high-tech goods.
Profit maximizing firms in competitive industries with free entry and exit face a price equal to the lowest possible
a. marginal cost of production. b. fixed cost of production. c. total cost of production. d. average total cost of production.
The statement "other things being equal" in the law of demand means all of the following remain constant EXCEPT
A. the price of the good concerned in the law of demand. B. consumer income. C. the prices of substitutes. D. tastes and preferences.
When the unemployment rate rises, college enrollment increases because workers seek to expand training. This is an example of:
A. macroeconomics. B. correlation and causation. C. normative economics. D. a negative correlation.