Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for coffee. What happens in this market if buyers expect the price of coffee to rise?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
C
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If 40 rupees = $1, then one rupee = _____________.
Fill in the blank(s) with the appropriate word(s).
Under the gold standard,
a. each nation had discretion over its monetary policy. b. trade-deficit nations had less control over their money supply than trade-surplus nations. c. trade-surplus nations had less control over their money supply than trade-deficit nations. d. no nation had control over its domestic monetary policy.
Which statement is true?
A. The monopolistic competitor always makes a profit in the short run. B. The monopolistic competitor operates at peak efficiency. C. Product differentiation takes place in the minds of the buyers. D. None of these statements are true.
Expected economic profit per unit is equal to:
A. expected price. B. expected average total cost. C. the difference between expected total revenue and expected total cost. D. the difference between expected price and expected average total cost.