Shuttle routes for colonial trade
a. lowered labor costs.
b. reduced delays and costly extensions of port times.
c. were more common than triangular trade patterns.
d. allowed captains to negotiate with a small number of familiar trading partners.
e. All of the above.
e. All of the above.
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A perfectly competitive firm will continue to operate in the short run when the market price is below its average total cost if the
A) marginal revenue is greater than marginal cost. B) price is at least equal to the minimum average variable cost. C) total fixed costs are less than total revenue. D) marginal cost is minimized. E) price is also less than the minimum average variable cost.
Think of the quantity theory of money: If M = 200, P = 100, and Q = 10, then V is
a. 20 b. 2 c. 10 d. 5 e. 2,000