If a producer can sell each and every unit he can possibly produce for $10 each, then
A) he is a price taker.
B) the demand for his product is infinitely elastic.
C) his marginal revenue curve is a horizontal line at $10.
D) all of the above are true.
D
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This exemplifies a(n) A) recognition lag. B) implementation lag. C) impact lag. D) liquidity lag.
Refer to Figure 13-4. What is the area that represents the total variable cost of production?
A) 0P0aQa B) P0abP1 C) P1bdP3 D) 0P1bQa
Which of the following is determined in the goods market?
A) the equilibrium interest rate B) money demand C) income D) money supply
What does the short-run Phillips curve indicate about the tradeoff between inflation and unemployment?
What will be an ideal response?