What percentage of the world population lives in low-income countries?
a. 10 percent
b. 11.8 percent
c. 15 percent
d. 20 percent
b. 11.8 percent
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Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. What is the amount of the deadweight loss?
A. $8,888.89 B. $2,222.22 C. $1,333,33 D. $4,444.44
Refer to Figure 10.1. If the level of real GDP is initially Y3, spending is ________ production and there is an unexpected ________ in inventories
A) greater than; increase B) greater than; decrease C) less than; increase D) less than; decrease
The break-even point means that the firm is realizing economic profits.
Answer the following statement true (T) or false (F)
Refer to the diagram. For output level Q, per unit costs of B are:
A. unattainable and imply the inefficient use of resources.
B. unattainable, given resource prices and the current state of technology.
C. attainable, but imply the inefficient use of resources.
D. attainable and imply least-cost production of this level of output.