What is the marginal cost of producing the fifth unit?No. units producedTotal RevenueTotal Costs0001100502180110325018042902705310380
A. 110
B. 270
C. 50
D. 0
Answer: A
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If the government enacts a tariff on a component imported by a domestic manufacturer from an international supplier, which of the following would be the best example of a disruptive outcome?
a. The manufacturer would pay a higher price for the component. b. The manufacturer would seek an alternative supplier for the component. c. The manufacturer would move production overseas to the country where the component is manufactured. d. The manufacturer would negotiate a lower price for the component.
The effect of an import quota is to
a. raise the price and reduce the quantity of imports. b. raise the price and the quantity of imports. c. lower the price and the quantity of imports. d. raise the quantity and reduce the price of imports.
Figure 6.2 illustrates a change in the price of soup. From the graph, we can conclude that:
A. the price of soup has increased and soup is a Giffen good.
B. the price of soup has fallen and soup is a Giffen good.
C. the price of soup has fallen and soup is a normal good.
D. the price of soup has fallen and bread is a Giffen good.
The fact that as snow accumulates, snow shovel sales rise, suggests the two are
A. neither directly correlated nor inversely correlated. B. both directly correlated and inversely correlated. C. inversely correlated. D. directly correlated.