Microeconomics includes the study of:
A. a firm's pricing policies.
B. inflation.
C. business cycles.
D. unemployment.
Answer: A
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Market clearing prices in a market system act as
A) a signaling device. B) a direct measure of resource costs. C) a way for producers to advertise. D) a legally determined rationing device.
Wages in American industry are very high because of wage laws
a. True b. False Indicate whether the statement is true or false
The law of diminishing marginal returns
A) results in average total cost (ATC) and marginal cost (MC) curves eventually increasing at an increasing rate. B) results in MC but not ATC curves eventually increasing at an increasing rate. C) causes average fixed costs to decline continuously as output increases. D) causes the difference between average total cost and average variable cost to shrink as output increases.
A commercial bank is a financial institution that:
A. determines the value of currency. B. prints and distributes currency. C. holds the savings of individuals for a fee until they need them. D. borrows from and lends to individuals and businesses.