Suppose a farmer is a price taker for soybean sales with cost functions given by TC = .1q2 + 2q + 100 MC = .2q + 2 The firm's supply curve is given by
a. q = 5P - 10
b. q = .2P +2
c. q = 10P - 2
d. q = 2P - 5
a
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What are the problems associated with price regulation?
What will be an ideal response?
One economist says that raising taxes on gas would be in the social interest. What does this economist mean?
A) Higher taxes on gas would benefit society as a whole. B) Raising taxes on gas would benefit most of the people. C) Higher taxes on gas would benefit everyone. D) Both answers A and C are correct.
If the price level rises, what will happen to the demand for reserves?
a. It will shift outward. b. It will shift inward. c. It will remain unchanged. d. It depends on what happens to interest rates.
Which of the following is an economic goal of a nation?
a. High inflation b. High mortality rate c. Trade deficit d. Low unemployment