Refer to Figure 29-1. The French fall in love with California wines and triple their purchases of this beverage. Assuming all else remains constant, this would be represented as a movement from
A) A to D. B) A to B. C) B to A. D) B to C. E) C to D.
B
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For a firm in monopolistic competition, the marginal cost curve intersects the average total cost curve
A) at the minimum average total cost. B) to the left of the minimum average total cost. C) to the right of the minimum average total cost. D) at no point.
When future labor income falls in a large open economy, it causes the current account to ________ and investment to ________
A) fall; rise B) rise; remain unchanged C) fall; fall D) rise; rise
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue when it sells 5,000 cubic years of concrete per year?
A. $37.50 B. $25.00 C. $50.00 D. $0.00
Explain why an external benefit leads to an under-allocation of resources to the production of a good
What will be an ideal response?