A firm that faces a downward sloping demand curve is
A. a price taker.
B. a price creator.
C. a price provider.
D. a price searcher.
Answer: D
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The gold standard established fixed exchange rates among all countries
a. True b. False Indicate whether the statement is true or false
A study of mass transit systems in American cities revealed that long-run revenues generally decline after substantial fare increases. This suggests that:
A. mass transit service deteriorates in the long run as price rises. B. the demand for mass transit is price-elastic in the long run. C. there are few good substitutes for such systems in urban areas. D. the demand for mass transit is price-inelastic in the long run.
Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year.Christine's opportunity cost of working as a consultant last year was ________.
A. $36,000 B. $15,000 C. $51,000 D. $40,000
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.