Credit card balances are not considered to be money primarily because they
A. are not part of people's wealth.
B. are an asset used in making transactions.
C. are rarely used to make purchases.
D. do not represent an obligation to pay someone else.
Answer: A
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In the above figure, the equilibrium real wage rate is
A) $10 per hour. B) $15 per hour. C) $20 per hour. D) none of the above
In a perfectly competitive market, there are
A) many buyers and many sellers. B) many buyers, but there might be only one or two sellers. C) many sellers, but there might be only one or two buyers. D) one firm that sets the price for the others to follow.
Total revenue divided by quantity is
A) average revenue. B) marginal revenue. C) quantity revenue. D) price revenue.
The short-run supply curve for a perfectly competitive firm is that portion of the MC curve above the AVC curve
a. True b. False Indicate whether the statement is true or false