The growth trend in the graph shown is depicted by:
A. A.
B. B.
C. C.
D. D.
Answer: D
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Average total cost is very high when a small amount of output is produced because
a. average variable cost is high. b. average fixed cost is high. c. marginal cost is high. d. marginal product is high.
In the area of agricultural chemicals, the Environmental Protection Agency requires detailed labeling on cans of pesticides and herbicides. Generally speaking, the industry not only doesn't oppose these labeling requirements, but even supports government-sponsored education programs on how to use these chemicals. Why?
What will be an ideal response?
If the supply curve is perfectly inelastic and the demand curve is a downward sloping straight line, what is the effect of a consumer ad valorem tax on equilibrium price and quantity?
A) Price remains unchanged and quantity increases. B) Price decreases and quantity increases. C) Price decreases and quantity remains unchanged. D) Price and quantity decrease.
Total surplus:
A. is always zero in an efficient market. B. can never be negative. C. is greater than the sum of consumer and producer surplus. D. can be negative when the market is not in equilibrium.