If the exchange rate changes so that more Mexican pesos are required to buy a dollar, then:
A. the peso has appreciated in value.
B. Americans will buy more Mexican goods and services.
C. more U.S. goods and services will be demanded by the Mexicans.
D. the dollar has depreciated in value.
B. Americans will buy more Mexican goods and services.
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If a firm offers a senior citizen discount,
A) the firm expects the average senior citizen to have a lower price elasticity of demand. B) the firm expects the average senior citizen to have a higher price elasticity of demand. C) senior citizens may be offended. D) it may be prosecuted for discrimination.
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.PriceQuantityTC$500$10.00$501$20.00$502$27.50$503$77.50$504$147.50$505$250.00According to the table shown, what is the firm's marginal cost from producing the 2nd unit?
A. $20.00 B. $10.00 C. $7.50 D. $27.50