Refer to the above table. The value of M1 is
A) $910 billion. B) $2,560 billion. C) $860 billion. D) $1,360 billion.
A
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The European Union (EU) is an example of a
A) customs union. B) free trade area. C) reciprocal trade agreement. D) None of the above.
Which of the following statements best describe the price, output, and profit conditions of monopoly?
a. Price will equal marginal cost at the profit-maximizing level of output and profits will be positive in the long-run. b. Price will always equal average variable cost in the short-run and either profits or losses may result in the long run. c. In the long-run, positive economic profit will be earned. d. All of these are true.
Suppose a fishing boat currently brings 10,000 fish to market and earns a profit of $40,000 when the price of fish is $8 . Suppose the boat dealer had overcharged the boat owner for the boat. Upon receiving a refund of $25,000 from the dealer, what will happen to the ATC of producing 10,000 fish?
a. increases by $25 b. increases by $2.50 c. does not change d. decreases by $2.50 e. decreases by $25
Explain why the short-run aggregate supply curve has a positive slope.
What will be an ideal response?