Refer to the graph shown. Given the long-run average cost curve, a seller must produce 18 units just to break even if the price the seller expects is roughly:
A. $52.
B. $54.
C. $50.
D. $58.
Answer: C
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If a decrease in income leads to a decrease in the demand for mac and cheese, then mac and cheese is
A) a complement. B) a necessity. C) a normal good. D) a neutral good.
If the price of bread were zero, a budget line between bread (on the vertical axis) and cheese (on the horizontal axis) would
a. not exist b. be vertical c. coincide with the vertical axis d. be horizontal e. coincide with the horizontal axis
If the population increases, the market demand for most products will:
A. not change. B. decrease. C. increase. D. depend on supply.
When Canadian firms outsource accounting services to the United States, in markets for the labor of accountants,
A) equilibrium employment and the market clearing wage rate will both increase in Canada, but equilibrium employment and the market clearing wage rate will both decrease in the United States. B) equilibrium employment and the market clearing wage rate will both decrease in Canada, but equilibrium employment and the market clearing wage rate will both increase in the United States. C) equilibrium employment and the market clearing wage rate will both increase in Canada and in the United States. D) equilibrium employment and the market clearing wage rate will both decrease in Canada and the United States.