A surplus of wheat
a. is impossible if people are hungry
b. is impossible if the price of wheat is below equilibrium
c. will result in an increase the price of wheat
d. is unlikely to result in any change in the price of wheat
e. indicates that the problem of scarcity of wheat has been solved
B
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Average cost is higher with a monopolistically competitive firm than with a perfectly competitive firm.
Answer the following statement true (T) or false (F)
In the Easy Step Interview, you must identify:
a. Type of Industry b. Company name c. Company address d. All of these
When two variables have a negative correlation,
a. they tend to move in opposite directions. b. they tend to move in the same direction. c. one variable will move while the other remains constant. d. the variables' values are never positive.
If the demand for cucumbers falls when the price of tomatoes rises, then we know that tomatoes and cucumbers are:
A. substitutes. B. normal goods. C. complements. D. inferior goods.