Demand and supply can also be used to explain how economic events will cause ___________ in prices, wages, and rates of return.
a. changes
b. freezes
c. barriers
d. locking
a. changes
Demand and supply can also be used to explain how economic events will cause changes in prices, wages, and rates of return.
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What are the assumptions of the model of perfect competition? Explain why each is important for short-run and long-run equilibrium.
What will be an ideal response?
Exhibit 6-10 Short-run cost schedule for book publisher's hourly production TotalOutput TotalVariable Cost TotalCost 0 cases of books $ 0 $200 1 100 300 2 150 350 3 250 450 4 450 650 In Exhibit 6-10, the average variable cost of producing 2 cases of books is:
A. $50 per case. B. $75 per case. C. $100 per case. D. $150 per case.
Marginal costs will begin to rise at the point where
A) fixed costs increase. B) variable costs increase. C) average variable costs increase. D) diminishing marginal product begins.
This agency is responsible for protecting consumers from products posing fire, electrical, chemical, or mechanical hazards or dangers to children.
A. Environmental Protection Agency B. Consumer Product Safety Commission C. Equal Employment Opportunity Commission D. Occupational Safety and Health Administration