On a supply and demand diagram,
A. the horizontal axis is labeled quantity per unit time and the vertical axis is labeled price.
B. the horizontal axis is labeled supply and the vertical axis is labeled demand.
C. the horizontal axis is labeled demand and the vertical axis is labeled supply.
D. the horizontal axis is labeled price and the vertical axis is labeled quantity per unit time.
Answer: A
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The costs in time and other resources that parties incur in the process of agreeing to and carrying out an exchange of goods or services are called
A) selling costs. B) exchange costs. C) transactions costs. D) implicit costs.
At an output of 17, ATC is $20 and MC is $17. At an output of 18, ATC is $20.20 and MC is $21. We may conclude that the output at which the firm produces at peak efficiency is
A. less than 17. B. 17. C. between 17 and 18. D. 18.
When you maximize your utility of product A, the marginal utility of product A will equal the ____________.
Fill in the blank(s) with the appropriate word(s).
Refer to the diagram above. The straight line E drawn through the wavy lines would provide an estimate of the:
Recovery trend Recession fluctuation Natural rate of unemployment Economic growth trend