When an independent relationship is graphed, the resulting line or curve is:
a. upward-sloping
b. downward-sloping.
c. vertical.
d. horizontal.
d
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a. are considered money because they are a means of payment b. are not considered money and thus are not of importance to the monetary authority c. are not considered money but are important because they may affect how much people hold in M1 and M2 d. are counted in the money supply as part of M3 e. are considered money when held by the public
Marginal cost is best defined as
a. a cost that does not vary with the rate of output. b. the difference between fixed and variable cost at any level of output. c. the amount added to total cost when one more unit of output is produced. d. the difference between price and average total cost at the profit-maximizing level of output.
A monopolist ________ if it chooses to sell fewer units of output.
A. can set its price wherever it desires B. can increase the price C. must decrease the price D. cannot change the price
A firm will shut down in the short run if
A. TR ? TC > TFC. B. TR + TC > TFC. C. TC ? TR > TFC. D. TFC + TVC > TR.