The profit-maximizing rate of output in Figure 24.1 is
A. F.
B. I.
C. H.
D. E.
Answer: A
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A change in the price of a good has two effects on the quantity consumed. What are these effects?
A) the income effect and the substitution effect B) the consumption effect and expenditure effect C) the total utility effect and marginal utility effect D) the utility effect and the budget effect
In recent cases, the U.S. placed quotas or protectionist tariffs on imported steel and imported microchips. In both cases the damage to "downstream" industries was obvious to all and relatively easy to quantify and demonstrate. Assuming that the
lawmakers are not plain dumb, why did they enact these protectionist policies?
If a firm in a monopolistically competitive market has a demand curve that is shifting to the right, it will stop shifting when:
A. the firm raises its price. B. the firm lowers its price. C. firms stop entering the market. D. firms stop leaving the market.
The primary economic function of the financial system is to
a. keep interest rates low. b. provide expert advice to savers and investors. c. match one person's consumption expenditures with another person's capital expenditures. d. match one person's saving with another person's investment.