In a graph of a firm's short-run total costs and total revenue, the total cost and the total revenue curves, respectively, will intersect the vertical axis
A) above the origin, above the origin.
B) above the origin, at the origin.
C) at the origin, at the origin.
D) below the origin, below the origin.
B
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Refer to the diagram. Demand is relatively inelastic:
A. at price P 3 .
B. at any price below P 2 .
C. in the P 2 P 4 price range.
D. in the P 2 P 3 price range.
Refer to the data below. The mutually-beneficial terms of trade will be:
Answer the following question based on the data provided in the tables below for two hypothetical nations, Wat and Xat. The nations have the production possibilities for rice and corn given in the following table:
A. Less than 2 units of rice for 1 unit of corn
B. Greater than 4 units of rice for 1 unit of corn
C. Between 3 and 5 units of corn for 1 unit of rice
D. Between 3 and 5 units of rice for 1 unit of corn