Refer to Figure 9.1. At what price and quantity combination is profit maximized?
A. Q = 50; P = $5
B. Q = 50; P = $15
C. Q = 85; P = $10
D. Q = 85; P = $15
B. Q = 50; P = $15
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In a graph, a straight line has a negative slope if the line
A) is vertical. B) is horizontal. C) falls from left to right. D) rises from left to right. E) shows a trend.
What does it mean for a good to be "nonexcludable"? Are private goods nonexcludable? Are public goods nonexcludable? Are common resources nonexcludable?
What will be an ideal response?
Your friend Dimitre tells you that he thinks that his favorite basketball team has a 70% chance of winning the next game. This is an example of a(n)
A) objective probability. B) subjective probability. C) risk-averse statement. D) Friedman-Savage preference.
According to the rule of 70, a country will double its real GDP per capita in 10 years if it:
A. has a population growth rate of 7 percent. B. experiences a 7 percent growth rate in per-capita GDP. C. has inflation of 7 percent. D. None of these is true.