Refer to Figure 15-17. An economics professor argues: "I think the course should be priced so as to achieve economic efficiency." How much profit (or loss) will the college make on the course if it charges this price?
A) -$2,592,000
B) -$1,080,000
C) $0
D) $450,000
B
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One of the main reasons that explains why the Industrial Revolution started in Britain is that:
A) economic agents in Britain opposed creative destruction. B) Britain was a command economy. C) Britain had inclusive institutions. D) property rights were absent in Britain.
An effective price floor will:
A. force some firms in this industry to go out of business. B. clear the market. C. result in a product shortage. D. result in a product surplus.
Refer to Figure 23.6 for a perfectly competitive firm. If this firm produces the level of output corresponding to point B in the short run, it will earn
A. A loss greater than necessary. B. The minimum loss possible. C. The maximum profit possible. D. A profit, although not the maximum profit possible.
Refer to the information provided in Figure 6.5 below to answer the question(s) that follow.
Figure 6.5Refer to Figure 6.5. Molly's budget constraint is CD. If her income increases, her new budget constraint is
A. BD. B. EF. C. AD. D. It is not shown on this graph.