The LRAC curve generally is
A) shaped as an upside-down U.
B) U-shaped.
C) upward sloping.
D) downward sloping.
B
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In the above figure, curve b shows the
A) bottles of soda that people are willing to forgo to get another bicycle. B) bottles of soda that people must forgo to get another bicycle. C) benefits of producing more bicycles is greater than the benefits of producing more soda. D) benefits of producing more soda is greater than the benefits of producing more bicycles.
Which of the following is NOT a voluntary exchange?
A) Tom's car is stolen from in front of his house. B) Marie buys groceries. C) Scott pays $10,000 for tuition and fees this semester. D) Emily buys a $1,000 plane ticket to fly from New York to Dallas on short notice.
Since the end of World War II, corporate income taxes have accounted for
A. an increasing share of federal revenue. B. a steady share of federal revenue. C. a declining share of federal revenue. D. a rising share of revenue until 1980, and then a falling share.
Suppose Acme and Mega produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product.
Suppose Acme and Mega decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Mega cheats on the agreement by reducing its price to $1 while Acme continues to comply with the collusive agreement, then Mega will then sell ________ units and Acme will sell ________ units.
A. 100; 0 B. 150; 50 C. 150; 0 D. 100; 50