If a demand curve shifts to the left, then
A) demand has increased.
B) quantity demanded has increased.
C) demand has decreased.
D) quantity demanded has decreased.
Answer: C
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All U.S. paper dollars read "This note is legal tender for all debts, public and private.". This statement represents which characteristic of US currency?
a. The U.S. operates under the gold standard. b. U.S. paper money is commodity money. c. U.S. paper money is fiat money. d. U.S. paper money is a convenient store of wealth.
A firm wanting to maximize profits should operate in such a way that
A) the MRP of each input is equal to or greater than its MFC. B) MRP equal MFC in the input market but MC must exceed MR in the output market. C) marginal revenue must be equal to the marginal revenue product. D) none of the above.