For a competitive buyer, the marginal expenditure per unit of an input
A) exceeds the average expenditure per unit.
B) is less than the average expenditure per unit.
C) equals the average expenditure per unit.
D) any of the above could be true.
C
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Suppose the quantity of money is $1,000, the velocity of circulation is 6, and real GDP is $4,000. Then the price level is
A) 2.0. B) 2.5. C) 1.1. D) 1.5. E) 6.0.
The purpose of the "draft" developed by owners' associations in many professional sports is to
A) assure all players at least a minimum salary. B) control competition among owners for the services of players. C) control competition among players. D) control competition between players and owners. E) keep all teams at roughly equal competitive levels.
Firms make a profit when they equate marginal revenue with marginal cost
Indicate whether the statement is true or false
If a good is inferior, then whenever the compensated demand curve intersects the uncompensated demand curve:
A. the uncompensated demand curve is steeper than the compensated demand curve. B. the compensated demand curve is steeper than the uncompensated demand curve. C. both curves will have the same slope. D. the compensated demand curve will be upward-sloping.