Suppose Chip's Chips produces bags of potato chips. An example of a fixed cost for this company would be:
A. a potato peeling machine.
B. the factory building.
C. the deep fryer.
D. All of these are examples of fixed costs.
D. All of these are examples of fixed costs.
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If consumers buy only gasoline and food, at their best affordable choice the marginal rate of substitution between food and gasoline ________ the relative price of food and gasoline
A) must exceed B) must be less than the C) must equal D) might exceed or be less than but not equal to
If currencies around the world are based on the gold standard, and the EU lowers the amount of gold for which the euro will trade, then holding all else constant,
A) the euro will depreciate against the dollar. B) the value of U.S. exports to EU countries in terms of the euro will decrease. C) the value of the euro relative to the dollar will stay constant. D) the euro will appreciate against the dollar.