ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 13, Problem 1.6P
To determine
the reason for which the new discoveries of gold were regularly followed by periods of inflation, when the value of money was based on its gold content.
Concept Introduction:
Money has a major influence on the lives of most people. The more money a person makes, the more goods and services he can consume, resulting into a higher standard of living.
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If a firm exits, we must have that
P < AVC
None of the answers are correct.
Two answers are correct.
P > AVC
P < ATC
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Question 8
Which of the following is true about the concept of concentration?
O
All of the answers are correct.
O
O
The lower the number of firms in a market, the lower the concentration.
The higher the degree of rivalry amongst the firms, the lower the concentration.
The lower the degree of rivalry amongst the firms, the higher the concentration.
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- Not use ai pleasearrow_forwardpter s/31004/quizzes/52593/take/questions/1032249 Question 17 1 2 pts Use the information in the table to address this question. If the firm currently employs two workers, and decides to hire a third worker, the marginal production of that third worker will be? Number of Workers Total Output Marginal Product 0 0 1 1,000 2 1,700 3 3 2,200 4 2,400 5 2,500 Less than 500 The answer to this question cannot be determined by the information provided in the table. Exactly 500 More than 500 ◄ Previous Next ->arrow_forwardUse the information contained in the graph below describing a firm operating in a competitive environment to answer the following question. If the graph described a firm that decides to produce, what would be the value of its profit, its deficit, or would it break even? $8 $7 $4 4 0 30 30 50 50 O None of the answers are correct. 120 150arrow_forward
- Question 14 Which of the following can be said about sunk costs? O None of the answers are correct. A sunk cost should be ignored when making decisions. In the short run, FC are sunk costs. Two answers are correct. 2 pts Previous Next ▸arrow_forward-n Use the information in the table to address this question. The firm's marginal costs are? Number of Workers Total Output Marginal Product 0 0 1 1,000 ts 2 1,700 3 2,200 4 2,400 5 2,500 The answer to this question cannot be determined by the information provided in the table. Constant Decreasing Increasingarrow_forwardQuestion 7 2 pts Use the information contained in the graph below to answer the following question. If the marginal cost was to intersect the LRATC, in which section(s) would it do so? (A) A (B) (c) None of the answers are correct. B ос Next < Previousarrow_forward
- Which of the following is true about the concept of concentration? All of the answers are correct. The lower the number of firms in a market, the lower the concentration. The higher the degree of rivalry amongst the firms, the lower the concentration. The lower the degree of rivalry amongst the firms, the higher the concentration.arrow_forwardUse the information in the table to address this question. If each worker is paid $1,000 and each output sells for $4, how many workers should the firm hire to maximize profits? Number of Workers Total Output Marginal Product 0 1 1,000 2 1,700 3 2,200 4 2,400 5 2,500 4 workers 2 workers 3 workers O 5 workersarrow_forwardIf a firm exits, we must have that P < AVC None of the answers are correct. Two answers are correct. P > AVC P < ATCarrow_forward
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