Which statement describes the situation when $2.00 = 1 euro?
a. The value of $1 is 2.00 euros.
b. The foreign exchange market is in equilibrium.
c. The quantity of euros supplied exceeds the quantity demanded.
d. The quantity of euros demanded exceeds the quantity supplied.
c. The quantity of euros supplied exceeds the quantity demanded.
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The reason economists assume that firms try to maximize economic profit is
a. over time, firms that don't earn profits will have difficulty securing financing to survive b. firms in the real world always maximize profit c. profit is easier to calculate than revenues d. if a firm fails to earn a profit in its first year, it will go out of business e. profit maximization is easier for firms than revenue maximization
Standby passengers on airlines who pay low rates for seats benefit from the low price. How are the airlines affected?
a. They lose, because the standby passengers do not cover the full cost of the seats. b. They gain, because the additional revenue covers the "fixed costs" of the flight. c. They lose, because the gain of the passengers must necessarily come at the expense of the airline. d. They benefit as long as the additional revenue from the passengers exceeds the marginal cost. e. Uncertain, because economic theory says nothing about this sort of situation.
A major component of the “cradle-to-grave” management system is
a. identification of hazardous waste b. a permit system for treatment, storage, and disposal facilities (TSDFs) c. a national manifest system for tracking through the waste stream d. all of the above e. (a) and (c) only
Profit maximizing (or loss minimizing) level of output
A. is OU.
B. is OV.
C. is OW.
D. cannot be found on this graph.