When the government bans a good:
A. the cost of breaking the ban needs to be sufficiently low in order to be effective.
B. it doesn’t need to change the trade-offs consumers face.
C. it will only be effective if it can be easily enforced.
D. it should get approval from the community before exacting the ban to be more effective.
C. it will only be effective if it can be easily enforced.
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As the price of good X increases from $5 to $8, quantity demanded falls from 100 to 80. Based upon this information we can conclude that the demand for X is
A) elastic. B) inelastic. C) unit inelastic. D) insufficient information for judgment.
Refer to the table below. What is Crunchy Fruits total marginal cost to produce 10,500 units
Crunchy Fruits makes dried fruit snacks. Crunchy Fruits has a multi-plant firm with two production facilities. The table above summarizes the marginal cost of production at the individual plants and the corresponding quantity produced at the individual plants.
A) $.075
B) $2.25
C) $1.75
D) $1.0
Resources employed to persuade government to redistribute income and wealth to special interests are unproductive
a. True b. False
The monopolist faces:
a. the entire market demand curve. b. All of the answers are correct. c. a perfectly elastic demand curve. d. a perfectly inelastic demand curve.