The Supply Curve of British Pounds Slopes Upward Because as the Dollar

question 156

Multiple Choice

The supply curve of British pounds slopes upward because as the dollar _____ American goods become ______ for the British.Therefore, the British purchase ______ American goods, and the quantity of pounds supplied increases.

• A) depreciates against the pound; less expensive; more
• B) depreciates against the pound; more expensive; less
• C) appreciates against the pound; more expensive; more
• D) appreciates against the pound; less expensive; less

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Definitions:

Short-Run Supply Schedule

A graphical or tabular representation of the quantity of goods a firm is willing and able to supply at different price points, over a short period.

Total Profit

The net amount of money a business retains after subtracting all its expenses, taxes, and costs from its total revenue.

MC Curve

Marginal Cost Curve, which shows the change in total cost that arises when the quantity produced changes by one unit.

AVC Curve

A graph representing the Average Variable Cost of producing different quantities of output, typically showing how AVC decreases and then increases.