A linear relationship
A) always has a maximum.
B) always has a constant slope.
C) always slopes up to the right.
D) never has a constant slope.
B
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A perfectly competitive firm faces a market clearing price of $150 per unit. Average variable costs are at the minimum value of $200 per unit at an output rate of 100 units. Marginal cost equals $150 per unit at an output rate of 75 units
It can be concluded that the short-run profit-maximizing output rate is A) 75 units, at which the firm earns zero economic profits per unit sold. B) 75 units, at which the firm earns $50 in economic profits per unit sold. C) 100 units, because marginal cost equals average variable costs. D) 0 units, because price is less than average variable costs.
The EU Emission Trading Scheme created a market for
A) permits to emit greenhouse gases. B) cigarettes. C) marijuana. D) devices that lower the global temperature.
Does voluntary exchange create wealth?
A) Yes, exchange makes it possible for the trading partners to gain more value from the existing supply of goods and it also makes larger output levels possible. B) Uncertain, it will increase wealth if it creates more goods and services; otherwise it exerts no impact on the wealth of people. C) No, if one person gains, the other party must lose an equal amount. D) No, exchange merely shuffles the existing supply of goods and services among people.
The M2 money supply is about ________ times larger than the M1 money supply
A. 1.5 B. 4 C. 8 D. 13