Which graph in the above figure best represents a good that is an inferior good at some income levels, and a normal good at other income levels?
A) Graph A
B) Graph B
C) Graph C
D) Graph D
A
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If Q represents a firm's level of output, W represents the wage paid to labor (L) and R is the cost of capital (K), then which of the following represents the firm's cost function?
B. C(Q) = FC(Q) + VC(Q) C. C(Q) = WL + RK D. C(Q) = (W + R)Q
For a monopolistically competitive firm ________ at the profit-maximizing quantity, the demand curve must be tangent to the average total cost curve.
A. to shut down B. suffering short-run losses C. in long-run equilibrium D. earning short-run profits
Farmers' complaints during the post-Civil War period included all of the following except
(a) High railroad rates (b) A worsening of the terms of trade between the prices of farm goods and the prices of manufactured articles (c) The fact that national banks were not allowed to accept farm mortgages as loan collateral (d) There is no "except"; all of the above were complaints of the farmers
In contrast to previous eras, a significant change seen today is that no model of government
a. is viewed as a good alternative to democracy. b. can successfully overthrow all vestiges of autocratic rule. c. is associated with a significant wealth gap. d. can compete with the power of individual citizens.