If the exchange rate between the U.S. dollar and the Japanese yen is $1 = 200 yen, then the dollar price of yen is
A. $.005.
B. $.05.
C. $.50.
D. $5.
A. $.005.
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Refer to Variable Cost of Production. For what levels of output does the firm experience diminishing marginal returns?
The following questions refer to the following table which shows a firm's variable costs of production.
a. For all levels of output.
b. For the first, second, and third units of output.
c. Beyond the third unit of output.
d. For the fifth and all subsequent units of output.
When a firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is __________ and the firm is experiencing __________ .
A) upward sloping; diseconomies of scale
B) downward sloping; constant returns to scale
C) downward sloping; economies of scale
D) horizontal; constant returns to scale
A production possibilities curve shows the combinations of products which can be produced in an economy which is fully employing and efficiently using its productive resources
Indicate whether the statement is true or false
The difference between a firm's total revenue and its total cost is its ________ profit
A) explicit B) normal C) economic D) accounting E) excess