Consider an industry with two firms producing similar products. Each firm's total cost (in dollars) is given below.Mega Corp: TC = 5,000 + 100QBig Inc: TC = 4,000 + 200QIf each firm produces 10 units, Mega Corp's total cost will be ________, and Big Inc's total cost will be ________.
A. $15,000; $14,200
B. $5,000; $4,000
C. $5,100; $4,200
D. $6,000; $6,000
Answer: D
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Which of the following is most likely to cause a rightward shift in the demand curve for dollars in exchange of the Chinese yuan?
A) An increase in the demand for Chinese products in the U.S. B) An increase in the demand for U.S. products in China C) A decrease in the demand for Chinese products in the U.S. D) A decrease in the demand for U.S. products in China
Scarcity means we must
A) consume less. B) produce less. C) make choices. D) earn more. E) work more.
Which industry was first covered by a free trade agreement between Canada and the United States?
What will be an ideal response?
If demand is represented as Qd = 20 - 3P and supply is represented as Qs = 4 + 5P, the equilibrium quantity is
A. 2. B. 3. C. 7. D. 14.