The marginal rate of substitution is measured along
A) the demand curve.
B) the total utility curve.
C) a given indifference curve.
D) a given budget line.
Answer: C
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The above figure shows the domestic market for wheat. Suppose this market is isolated from global competition. The with no government intervention, the equilibrium price is ________ and the equilibrium quantity is ________
A) $15 per ton; 100 million tons B) $14 per ton; 250 million tons C) $12 per ton; 300 million tons D) $12 per ton; 250 million tons E) $15 per ton; 400 million tons
Refer to the table above. What is the total revenue of the monopolist when it charges a price of $9?
A) $1,250 B) $1,350 C) $1,750 D) $2,250
The labor force participation rate:
A. is used as an indication of the health of the overall economy. B. typically rises during times of recession, as more people need work. C. tells us what fraction of the working-age population wants to be working, whether or not they actually have a job. D. All of these are true.
A quota limits:
A. Imports and allows domestic producers to raise the price. B. Domestic output and allows import producers to raise the price. C. Imports and reduces the domestic price. D. Domestic output and reduces the domestic price.