If a firm with total revenue of $2 million continues to operate in the short run, we may conclude that its variable costs are __________.
Fill in the blank(s) with the appropriate word(s).
less than $2 million
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When real interest rates are higher in country A than country B, there will tend to be a capital flow from country B to country A
a. True b. False Indicate whether the statement is true or false
Nike has used Michael Jordan to create the impression that Air Jordan basketball shoes are superior to any other basketball shoe. Nike is attempting to:
A. differentiate Air Jordan basketball shoes from other types of basketball shoe. B. lower the marginal cost of producing Air Jordan basketball shoes. C. sell fewer Air Jordan basketball shoes so they can raise the price. D. convince consumers that Air Jordan basketball shoes are identical to other basketball shoes.
Among the fundamental concepts in economics is
A. efficient markets. B. marginalism. C. opportunity cost. D. all of the above
The labels for the axes of the aggregate demand graph should be:
A. Quantity of a product on the vertical axis and the price of a product on the horizontal axis B. Price of a product on the vertical axis and quantity of a product on the horizontal axis C. Real domestic output on the vertical axis and the price level on the horizontal axis D. Real domestic output on the horizontal axis and the price level on the vertical axis