Which one of the following variables is most likely to increase as production effort is increased?
a. Net revenue
b. Marginal costs
c. Marginal revenue
d. Total costs
e. Average revenue
Ans: d. Total costs
Economics
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A vertical IS curve comes from the assumption that changes in the interest rate do NOT affect
A) money demand. B) the money supply. C) autonomous planned spending. D) the LM curve.
Economics
Keith is indifferent between canned soup and fresh soup. In the figure above, Keith's indifference curves are represented by I1, I2, I3, and I4 curves. Canned soup sells for $1 per serving and fresh soup sells for $2 per serving. What is Keith's income?
A) $8 B) $4 C) $2 D) $5
Economics