In comparison to an economy with extractive institutions, an economy with inclusive institutions will be characterized by:
A) higher output and larger number of entrepreneurs.
B) lower output and a higher number of entrepreneurs.
C) higher output and smaller number of entrepreneurs.
D) lower output and smaller number of entrepreneurs.
A
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If the marginal benefit of the next slice of pizza exceeds the marginal cost, you will
A) eat the slice of pizza. B) not eat the slice of pizza. C) be unable to choose between eating or not eating. D) eat half the slice. E) More information is needed about how much the marginal benefit exceeds the marginal cost to determine if you will or will not eat the slice.
The supply curve for milk
a. shifts when the price of milk changes because the price of milk is measured on the vertical axis of the graph. b. does not shift when the price of milk changes because the price of milk is measured on the vertical axis of the graph. c. does not shift when the price of milk changes because the price of milk is measured on the horizontal axis of the graph. d. shifts when the price of milk changes because the quantity supplied of milk is measured on the horizontal axis of the graph.
First-degree price discrimination:
A. results in the firm extracting all surplus from consumers. B. occurs when a firm charges each consumer the maximum price he or she would be willing to pay for each unit of the good purchased. C. occurs when a firm charges each consumer the maximum price he or she would be willing to pay for each unit of the good purchased and results in the firm extracting all surplus from consumers. D. None of the answers are correct.
If the price were $11, how much would the firm's output be in the short run?
