Refer to Figure 8.7. Which graph illustrates a firm that experiences economies of scale?
A. A
B. B
C. C
D. Both graphs A and C
A. A
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Refer to Table 9-11. Prior to trade, what was the opportunity cost to produce 1 hat in Denmark?
A) 1/6 of a clock B) 1/2 of a clock C) 2 clocks D) 6 clocks
Refer to Figure 10.3. A positive demand shock accompanied by a decrease in the real interest rate is best represented by ________ in panel (a) and ________ in panel (b)
A) a shift from AE2 to AE3; a movement from point B to point C B) a shift from AE3 to AE2; a shift from IS2 to IS1 C) a shift from AE1 to AE2; a movement from point A to point B D) a shift from AE1 to AE3; a movement from point A to point C
According to the economic way of thinking, personal benefits and costs influence the actions of
a. consumers in the private sector but not voters in the public sector. b. producers in the private sector but not politicians in the public sector. c. taxpayers but not recipients of government-provided goods and services. d. consumers, producers, voters, and politicians in both the private and the public sectors.
Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, what is the market quantity demanded at a price of $3?
A. 6 B. 9 C. 15 D. 20