Many used car owners and used car dealers describe their different cars for sale in the local newspapers and list their asking price. Many people shopping for a used car consider the different choices listed in the paper. The market for used cars could be described as

What are the functions for MC and AC if TC = 100q + 100 ? Are the returns to scale increasing, decreasing, or constant?

What will be an ideal response?

Historical note: Changes in demand for and supply of agricultural goods in less- developed countries has had what effect on these countries' terms of trade?

a. lowered the terms of trade because it raised their export prices b. lowered the terms of trade because it lowered their export prices c. raised the terms of trade because it lowered their import prices d. raised the terms of trade because it raised their import prices e. it had had no effect on their terms of trade