The assumption of constant velocity is a critical component of the
a. monetarist model.
b. classical model.
c. real business cycle model.
d. new classical model.
e. all of the above.
E
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Opportunity cost exists because
A) of scarcity. B) prices must adjust to eliminate shortages. C) production could not occur without the opportunity cost of using resources. D) the value of economic goods is positive while the value of goods is zero.
If the market price of oats is $2.5 per bushel and a farmer decides to sell at $2.8 per bushel, he is likely to sell:
a. more than 5 bushels per day. b. more than 10 bushels per day. c. less than 5 bushels per day. d. 10 bushels per day. e. nothing.
An example of splitting up the value chain would be the shipment of
a. refrigerators. b. cellular Phones. c. automotive dashboards. d. automobiles.
Setting price equal to marginal cost in a natural monopoly will lead to
A. excess profits for the firm. B. losses for the firm. C. zero profits for the firm. D. One cannot tell without further information.