Refer to the information provided in Figure 9.1 below to answer the question(s) that follow. 
Figure 9.1Refer to Figure 9.1. For this farmer to maximize profits he should produce ________ bushels of wheat.
A. 6
B. 9
C. 12
D. 16
Answer: C
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In general, the more complex the tax the:
A. more tax revenues it will generate. B. more efficient it will be. C. higher the administrative burden will be. D. more deadweight loss it will create.
At the end of 2014, the net national debt per person in the United States was approximately
a. $14 trillion. b. $142 billion. c. $56,000. d. $86,000.
Do the assumptions of the perfectly competitive model describe all real-world markets? Explain
What will be an ideal response?
If long-run costs are plotted on the vertical axis and the quantity of output is plotted on the horizontal axis, a line that is perfectly horizontal implies:
a. constant returns to scale. b. economies of scale. c. diseconomies of scale. d. inefficient use of capital. e. inefficient use of labor.