Refer to Figure 2.1. If you choose to produce only agricultural products, what is the maximum quantity you can produce per year?
A) 200 tons B) 400 tons C) 600 tons D) > 600 tons
D
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A perfectly competitive firm will maximize profit when the quantity produced is such that the
A) firm's total revenue is equal to total cost. B) firm's marginal revenue is equal to the price. C) firm's marginal revenue is equal to its marginal cost. D) price exceeds the firm's marginal cost by as much as possible. E) firm's marginal revenue exceeds its marginal cost by the maximum amount possible.
Substantial co-payments are typically not required as a part of the health care system in
A) the United States and Japan. B) Japan and Canada. C) Canada and the United Kingdom. D) Japan and the United Kingdom.
Consider a society consisting of just a farmer and a tailor. The farmer has 30 units of food but no clothing. The tailor has 60 units of clothing but no food. Suppose each has the utility function U = F1/3C2/3
If the price of clothing is always $1, and the food price is currently $1, then we can conclude A) the market is at a competitive equilibrium. B) the price of food will drop towards a competitive equilibrium. C) the price of food will increase towards a competitive equilibrium. D) None of the above.
If liquidated damages stated in a contract are too low, inefficient breaches will be profitable, and if damages are too high, efficient breaches will not occur
Indicate whether the statement is true or false