When the dollar depreciates, each dollar buys
a. more foreign currency, and so buys more foreign goods.
b. more foreign currency, and so buys fewer foreign goods.
c. less foreign currency, and so buys more foreign goods.
d. less foreign currency, and so buys fewer foreign goods.
d
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There is a surplus in a market for a product when
A. demand is less than supply. B. quantity demanded is less than quantity supplied. C. the current price is lower than the equilibrium price. D. quantity demanded is greater than quantity supplied.
The goal of antitrust acts is to
A. protect consumers. B. protect firms. C. limit profits of companies. D. reduce competition.
If a buyer enjoys a consumer surplus of $25 when he purchases a good for $50, his willingness to pay for the good is ________
A) $2 B) $25 C) $50 D) $75
Which of the following suggests that a competitive firm earns zero economic profits?
A) P = MC > ATC B) P > MC = ATC C) P = MC = ATC D) P > MC > ATC