The "Classical Dichotomy" refers to:
a. a distinction between "value in use" and "value in exchange."
b. separate theories of demand and supply.
c. the possibility of Giffen's Paradox.
d. determination of relative prices independent of the nominal price level.
d
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If the single-input producer choice set is fully convex, the first order conditions of the profit maximization problem are necessary but not sufficient for identifying the profit maximizing production plan.
Answer the following statement true (T) or false (F)
One of the problems with official poverty statistics is that they
a. do not account for inflation. b. are not adjusted annually. c. omit in-kind transfers, such as food stamps. d. omit Medicare payments.
Supplementary Security Incomes are provided by the U.S. government to those who:
a. regularly pay a social security tax. b. are below 65 years of age. c. lack the required education to be absorbed in the job market. d. earn less than $4,500 per year. e. are temporarily unemployed.
For firms that sell one product in a perfectly competitive market, average revenue will:
A. decrease if marginal revenue is greater than it. B. increase if marginal revenue is greater than it. C. always be the same as marginal revenue. D. always be greater than average total cost.