A trend is a general tendency for a variable to increase or decrease over time
Indicate whether the statement is true or false
TRUE
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If the single restaurant in an Eastern Kentucky town is currently charging a price for its ham and eggs where the demand is unit elastic, its marginal revenue for ham and eggs is
A) negative. B) positive. C) zero. D) maximized. E) undefined.
Suppose firms in a perfectly competitive market are earning an economic profit. As new firms enter, the price ________ and the economic profit of each existing firm ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases
We would expect the interest rate on Bond A to be higher than the interest rate on Bond B if the two bonds have identical characteristics except that
a. the credit risk associated with Bond A is lower than the credit risk associated with Bond B. b. Bond A was issued by the city of Philadelphia and Bond B was issued by Red Hat Corporation. c. Bond A has a term of 20 years and Bond B has a term of 2 years. d. All of the above are correct.
Suppose that a consumer is at an optimum consuming A and B. If the price of A falls, then to get to a new equilibrium the consumer must
A. purchase less A and more B. B. purchase more B. C. purchase more A. D. purchase less B and less A.