Economists at the Department of the Treasury

question 63

Multiple Choice

Economists at the Department of the Treasury

• A)design U.S.currency and coins.
• B)provide Congress with the annual budget.
• C)enforce the U.S.antitrust laws.
• D)provide advice on tax policy to the President.

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Definitions:

Cournot Duopolists

Firms in a duopoly market structure, where two companies dominate, that decide on their output level assuming the other's output as given, under Cournot competition.

Demand Curve

Illustrates the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at each price level.

Total Costs

The combined total of fixed and variable costs involved in the manufacturing of goods or services.

Daily Profit

The financial gain a business makes in a single day, calculated by subtracting total expenses from total revenue for that day.