If M is 4,000, Q is 2,000, and P = 8, then V
A. Is 2.
B. Is 3.
C. Is 4.
D. Is 5.
C. Is 4.
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With an increase in income, a consumer can increase the quantity consumed of
a. only good Y. b. only good X. c. either good, but not both. d. either or both.
Accounting profit differs from economic profit by the amount of the explicit costs faced by a firm.
Answer the following statement true (T) or false (F)
Whenever there is a surplus at a particular price, the quantity sold at that price will equal: a. the quantity demanded at that price
b. the quantity supplied minus the quantity demanded. c. the quantity supplied at that price. d. (quantity demanded plus quantity supplied)/2.
The difference between the real interest rate and the nominal interest rate gives the inflation rate in an economy in a particular year
a. True b. False Indicate whether the statement is true or false