Which of the following pairs best represents substitute goods?
a. French fries and uncooked potatoes
b. French fries and hot dogs
c. French fries and French toast
d. French fries and fried onion rings
e. French fries and the French chef
D
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A profit-maximizing output for a single-price monopoly is determined by the intersection of the ________ curves and the profit-maximizing price is found on the ________ curve
A) marginal cost and marginal revenue; marginal revenue B) marginal cost and marginal revenue; demand C) total revenue and total cost; total revenue D) marginal cost and average total cost; demand E) demand and supply; supply
When the price elasticity of demand is calculated, if price increases, quantity demanded decreases and if price decreases, quantity demanded increases so the result will be
a. positive when price increases and negative when it decreases b. negative when price increases and positive when it decreases c. greater than one when price increases and less than one when it decreases d. less than one when price increases and greater than one when it decreases e. negative whether we look at a price increase or decrease
Which of the following price-quantity data would not be part of the demand curve derived from the graph below? 
A. Price = 4, quantity = 14 B. Price = 2, quantity = 12 C. Price = 10, quantity = 5 D. Price = 0, quantity = 10
Firms need to borrow for operating purposes because they
A. need constant bailouts. B. are always in debt. C. need to pay for goods and services before they will have revenue from their sales. D. need to pay for goods and services after they have sold them.