Refer to Figure 15-17. The dean of the college argues: "I think the course should be priced to maximize the profit the college earns, so these funds can be used to pay some other expenses." Which price should the dean favor?
A) $0
B) $40
C) $88
D) $150
D
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A cost of aggregation is that:
A. broad economic trends are obscured B. details about individual households and firms are lost C. economy-wide totals cannot be obtained D. the "big picture" cannot be studied
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p
If the long-run supply curve is horizontal, then how much will consumers spend, in total, on potatoes? A) $0 B) $500 C) $10,000 D) $50,000
If a series of severe storms in the Atlantic Ocean drastically significantly disrupted the transatlantic slave trade, which would most accurately describe the market for indentured servants in colonial America?
a. The price and quantity of servants would increase. b. The price and quantity of servants would decrease. c. The price of servants would increase and the quantity of servants would decrease. d. The price of servants would decrease and the quantity of servants would increase.
What are the roles of markets and prices in an economy?
What will be an ideal response?