Profits will be maximized when the slope of the total revenue curve and the slope of the total cost curve equal zero
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose you hear Professor I.M. Dismal say, "There is no substitute for carefully reading your textbook!" In the real world, students
A) will always and absolutely obey their professor's orders. B) will purchase the textbook regardless of its price. C) will often find what they believe are useful substitutes for reading the text. D) will have a vertical demand curve for textbooks.
If the Ricardo-Barro effect occurs, an ________ in saving finances the government budget deficit and the real interest rate ________
A) increase; remains the same B) decrease; increases C) increase; falls D) decrease; remains the same
The Smithsonian Agreement of 1971 was hailed by President Nixon as a fundamental reorganization of the international monetary system. In fact, what it accomplished was
A) the revaluation of the dollar. B) the devaluation of the dollar. C) the reduction of the gold content of the dollar. D) the elimination of gold backing for the dollar. E) Both B and C.
Which of the following is likely to result in a smaller equilibrium quantity exchanged? a. An increase in both demand and supply
b. A decrease in both demand and supply. c. An increase in demand and a decrease in supply. d. A decrease in demand and an increase in supply.