Refer to the graph shown depicting a monopolistically competitive firm. According to the graph, economic profit is currently:
A. impossible to determine.
B. zero.
C. negative.
D. positive.
Answer: D
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The slope of a curve measures
A) only the change in the horizontal variable. B) the length of the curve. C) only the change in the vertical variable. D) the change in one variable in response to the change in the other variable.
The word "util" has been used by economists in the past as an objective measure of utility. Today economists believe that
A) the util truly is an objective, rather than a subjective, measure of utility. B) utility can be measured objectively because people can use prices of different goods to measure utility. C) utility cannot be measured objectively. D) all of the important conclusions of the economic model of consumer behavior depend on utility being measured objectively.
By 1900, _____ states had a state board of health
a. 17 b. 32 c. 37 d. all
When the price level in an economy falls, the demand for bonds and other nonmonetary financial assets rises
a. True b. False Indicate whether the statement is true or false