The ________ is the price of one good ________ the price of another good
A) relative price; times
B) relative price; divided by
C) budget; times
D) budget; divided by
B
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Which of the following is true of cost curves?
A) The ATC curve goes through the minimum of the MC curve. B) The AVC curve goes through the minimum of the MC curve. C) The MC curve goes through the minimum of the ATC curve, to the left of the minimum of the AVC curve. D) The MC curve goes through the minimum of the AVC curve, to the right of the minimum of the ATC curve. E) The MC curve goes through the minimum of both the AVC curve and the ATC curve.
If the government thinks the price that a consumer has to pay for a good is too high, then which of the following would solve this problem?
a. a price ceiling or an excise tax b. a price floor or an excise tax c. a price ceiling or a subsidy d. a price floor or a subsidy e. none of the above will lower the price a consumer has to pay for a good
At the equilibrium price, buyers have bought all they want to buy, but sellers have not sold all they want to sell
a. True b. False Indicate whether the statement is true or false
Assume hamburgers and french fries are complements. A decrease in the price of french fries will cause a movement from
A) Point A to Point B.
B) Point G to Point F.
C) D1 to D2.
D) S2 to S1.