In the diagram, curves 1, 2, and 3 represent the:
A. average, marginal, and total product curves respectively.
B. marginal, average, and total product curves respectively.
C. total, average, and marginal product curves respectively.
D. total, marginal, and average product curves respectively.
B. marginal, average, and total product curves respectively.
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In the figure above, the shift in the demand curve for U.S. dollars from D0 to D2 could occur when
A) the U.S. interest rate falls. B) the U.S. interest rate rises. C) people expect that the dollar will appreciate. D) foreign interest rates fall.
Three gas stations are located at different corners of a busy intersection. Kelly manages one of them, and he notices that when he raises his gas prices, the other stations don't follow suit, but that when he cuts his gas prices, his competitors follow. What does demand for Kelly's gas look like, and how should he respond to a change in the wholesale price of gasoline?