Refer to Table 4-11. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units. What is the value of consumer surplus?
A) $100 thousand B) $200 thousand C) $600 thousand D) $800 thousand
B
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Which of the following best describes a steady state?
A) Political stability is maintained by the state. B) The standard of living is increasing at a stable rate. C) Each firm in the economy receives a steady stream of income. D) Output per worker, consumption per worker, and capital per worker are constant.
A firm's average fixed cost curve can never be U-shaped, even if its other average cost curves are U-shaped
a. True b. False Indicate whether the statement is true or false
In 2008-2009, Iceland and several Baltic states increased their interest rates. One would expect which of the following?
a. U.S. bond prices will fall and the dollar will appreciate. b. U.S. bond prices will rise and the dollar will appreciate. c. U.S. bond prices will fall and the dollar will depreciate. d. U.S. bond prices will rise and the dollar will depreciate.
Helium Sports produces shoes at a factory that is designed to work at the efficient scale of production using a combination of 2 machines and 400 workers. The cost of labor has recently increased by 25%. In the given situation, which of the following steps should the company take?
a. Helium Sports should reduce production quantity to keep costs under control. b. Helium Sports should lower prices on their shoes to increase demand. c. Helium Sports should make changes to lower the opportunity costs. d. Helium Sports should update the factory with machines that require fewer workers.