In a two-dimensional graph showing the relationship between income and consumption in the economy, what is shown on the vertical axis and what is shown on the horizontal axis?
Please provide the best answer for the statement.
In the typical two-dimensional graph, the vertical axis measures the dependent variable, which in this case would be consumption. The horizontal axis measures the independent variable, which in this case would be income.
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The average total cost curve of a firm is U shaped.
Answer the following statement true (T) or false (F)
If the short run elasticity of demand for widgets is 0.4 and the long run elasticity of demand for widgets is 0.95, an increase in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.
When a country runs a trade deficit,
a. it must be running a budget surplus. b. its imports will become injections instead of leakages. c. its exports will become leakages instead of injections. d. foreigners will demand loanable funds from the country. e. foreigners will supply loanable funds to the country equal to its trade deficit
The marginal physical product of labor is not
a. the change in output that results from employing an additional worker b. the average productivity of each worker employed c. the marginal contribution to output of each additional worker d. a measure of the contribution of an additional worker to output e. usually increasing at an increasing rate for the first units of labor used in production