Use the following graph showing cost curves for a perfectly competitive firm to answer the next question.
If the market price decreases to $0.55, the profit-maximizing quantity of output is
A. 0.
B. more than 20, but less than 35.
C. 20.
D. 15.
Answer: A
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In general, we would expect the marginal cost of pollution abatement to be
A) zero. B) decreasing. C) increasing. D) constant.
Which statement about population growth is true?
a. How wealthy a country is has little impact on its population growth rate. b. A high population growth is just one possible explanation for declining standards of living. c. Population growth is naturally followed by greater economic growth. d. Population growth has no impact on economic growth or standards of living.
If the MPC = 0.80, the cumulative decrease in total spending resulting from an initial $150 recessionary gap would be
A. $150. B. $187.5. C. $750. D. $500.
In 2017, the average life expectancy at birth in the United Kingdom and other high-income countries was around ________ years
A) 60 B) 70 C) 80 D) 90