The rate at which one currency is traded for another is called a(n)
A. prime rate.
B. trade rate.
C. exchange rate.
D. money rate.
Answer: C
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Edgar only consumes protein shakes with his income, I. The price of shakes is p
a. What is Edgar's demand equation for shakes? b. Can protein shakes be an inferior good for Edgar? Explain. c. What is the price elasticity of Edgar's demand for shakes? Derive using calculus. d. What is the income elasticity of Edgar's demand for shakes?
There is no cost of using your own savings in your business
a. True b. False Indicate whether the statement is true or false
A currency system in which governments try to keep the values of their currencies constant against another is called a ________ exchange rate system.
A. fixed B. stable C. consistent D. flexible
Answer the following questions true (T) or false (F)
1. For a perfectly competitive firm, average revenue equals marginal cost at the profit-maximizing output. 2. A perfectly competitive firm breaks even at a price equal to its minimum average total cost. 3. Maximizing average profit is equivalent to maximizing total profit.