Which of the following is not correct?
a. When developing economic theories, graphs offer a way to visually express ideas that might be less clear if described with equations or words.
b. Graphs are one way of expressing the relationships among variables.
c. When studying the relationship between two economic variables, graphs allow economists to draw indisputable conclusions about causes and effects.
d. When analyzing economic data, graphs provide a powerful way of finding and interpreting patterns.
c
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The above figure gives your budget line between CDs and magazines. The slope of the budget line is ________ CD per magazine
A) 1/2 B) -1/2 C) -1 D) -2
If a technological advance increases a firm's labor productivity, we would expect its:
A. average total cost curve to rise. B. average total cost curve to fall. C. total cost curve to rise. D. average total cost curve to be unaffected.