A scatter diagram with the price of vacations to Mexico on the vertical axis and the price of vacations to California on the horizontal axis shows a positive relationship
If the price of vacations to Mexico were placed on the horizontal axis, and the price of vacations to California on the vertical axis, the relationship would be A) negative relationship, also called a direct relationship.
B) negative relationship, also called an inverse relationship.
C) positive relationship, also called a direct relationship.
D) positive relationship, also called an inverse relationship.
C
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Jose owns a local coffee shop. When Jose calculates how his total revenue changes in response to hiring an extra worker, Jose is calculating the
A) marginal revenue. B) value of marginal product of labor. C) marginal product of labor. D) total revenue.
In the long run, the economic profit of a firm in a perfectly competitive market
A) will be above zero. B) will be below zero. C) will equal zero. D) can be above, below, or equal to zero.