What two main things did returning veterans want to buy after World War II? ____________________.
Fill in the blank(s) with the appropriate word(s).
cars and houses
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Which of the following is true?
a. The objective of the firm is to maximize profits, by producing the amount that equates total revenue and total cost. b. The objective of the firm is to maximize profits, by producing the amount that equates average revenue and average total cost. c. The objective of the firm is to maximize profits, by producing the amount that equates average revenue and average variable cost. d. The objective of the firm is to maximize profits, by producing the amount that equates marginal revenue and marginal cost.
With the invention of banking, one important aspect of money was that
a. banks have some discretion over the money supply. b. banks have complete control over the money supply. c. governments lost all control over the money supply. d. individuals have no discretion over the money supply.
Suppose Raymond and Victoria attend a charity benefit and participate in a silent auction. Each has in mind a maximum amount that he or she will bid for an oil painting by a locally famous artist. This maximum is called
a. deadweight loss. b. willingness to pay. c. consumer surplus. d. producer surplus.
Compared to coffee, we would expect the cross elasticity of demand for:
A. tea to be negative, but positive for cream. B. tea to be positive, but negative for cream. C. both tea and cream to be negative. D. both tea and cream to be positive.