It is usually assumed that a perfectly competitive firm's supply curve is given by its marginal cost curve. In order for this to be true, which of the following additional assumptions are necessary? I. That the firm seek to maximize profits. II. That the marginal cost curve be positively sloped. III. That price exceeds average variable cost. IV. That price exceeds average total cost
a. All of the above.
b. I and II but not III and IV.
c. I and III but not II and IV.
d. I and II only.
e. I, II and III, but not IV.
e
Economics
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Under the Bretton Woods system, if West Germany needed to change its parity rate with the U.S. dollar so that a person might offer fewer Deutsch marks to buy on e dollar, then they would be
A) revaluing their currency. B) devaluing their currency. C) appreciating their currency. D) depreciating their currency.
Economics
Harmonization of standards can institutionalize a set of inferior standards
Indicate whether the statement is true or false
Economics