Measured between two points on a curve, the ratio of the change in the variable on the vertical axis to the change in the variable on the horizontal axis is the:
a. axis. b. slope.
c. dependent curve. d. independent curve.
b
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The change in total cost resulting from a one-unit increase in production is called: a. average fixed cost
b. average variable cost. c. marginal cost. d. marginal revenue.
Bambi sells apples that she produces up to the equilibrium price of $20 per bushel. Andre sells green beans that he produces up to the equilibrium price of $18 per bushel. If they both sell the same number of bushels, but Andre makes more profit than Bambi, which of the following situations is true?
a. Producer surplus is greater for green beans than apples. b. Producer surplus is less for green beans than apples. c. Producer surplus is the same for green beans and apples. d. Producer surplus is negative for both green beans and apples.
Using the standard 45° line diagram, how does a decrease in investment spending effect the expenditure schedule?
A. It increases the slope of the expenditure schedule. B. It decreases the slope of the expenditure schedule. C. It shifts the expenditure schedule downward. D. It shifts the expenditure schedule upward.
The primary criterion governing U.S. antitrust policy until 1945 was:
A. laissez-faire. B. judgment by structure. C. concentration ratios. D. judgment by performance.