The value of money
a. remains constant during periods of inflation.
b. varies inversely with the general price level.
c. varies directly with the general price level.
d. varies indirectly with output.
B
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If a profit-maximizing firm’s fixed cost of producing widgets falls,
A. its total cost curve is unaffected. B. its marginal cost curve shifts down. C. the firm will produce more widgets. D. the firm’s average profit per widget produced rises.
Negative cross-price elasticity of demand indicates that
a. the product is an inferior good b. the product is a necessity c. the product is a luxury d. the two products are substitutes e. the two products are complements
An example of a good that is not excludable is:
A. fish in the ocean. B. wireless connection to the Internet. C. a movie in a theater. D. a candy bar.
In the case of the perfectly competitive firm:
A) marginal revenue equals the market price.
B) marginal revenue is greater than the market price.
C) marginal revenue is less than the market price.
D) marginal revenue is equal to, less than, or greater than market price depending on the level of output.