Refer to Table 9-12. With trade, what is the total gain in sword production?
A) 40 B) 60 C) 100 D) 200
A
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In order to maximize its profit, a single-price monopoly produces the amount of output so that
A) P = MC. B) MR = MC. C) P = MC - MR. D) P = MR. E) P = ATC.
The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours of students' labor are unemployed?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) 0 hours
The law of supply states that, holding all else constant, as the price of a good falls:
A. quantity demanded falls. B. quantity supplied rises. C. quantity demanded rises. D. quantity supplied falls.
How is the market supply curve found? In what ways is the process similar to the way the market demand curve is determined? In what ways are they different?
What will be an ideal response?