A firm's short-run average total cost curve is parallel to its short-run average variable cost curve
Indicate whether the statement is true or false
FALSE
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The AD Curve ________
A) demonstrates how central banks respond to changes in interest rates by changing the inflation rate B) shows how changes in equilibrium output affect the inflation rate C) explains long run fluctuations in output and inflation D) all of the above E) none of the above
Suppose you are the manager of a local water company, and you are instructed to get consumers to reduce their water consumption by 10 percent. If the price elasticity of demand for water is 0.25, by how much would you have to raise the price of water?
a. 10 percent b. 25 percent c. 40 percent d. 100 percent
According to the water and diamond paradox, the value of a good to a person depends on how many utils are derived from the first unit of a good consumed
Indicate whether the statement is true or false
A likely example of complementary goods for most people would be
a. canoes and paddles. b. snow mobiles and sofas. c. coffee and tea. d. tennis balls and basketballs.