Figure 17-13
In , the world price of a baseball is $3. With free trade, how many baseballs will the United States import?
a.
4,000
b.
6,000
c.
8,000
d.
10,000
e.
12,000
c
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The above figure shows the market for laptops. Which of the following causes a movement from B to A?
A) an increase in the number of laptop manufactures and sellers B) an increase in the price of laptops C) an increase in the productivity of the workers manufacturing laptops D) a decrease in the price of laptops E) an increase in the cost of hard drives
In the figure above, if pizza production increases to 15,000 pizzas a day, the deadweight loss is
A) $45,000 per day. B) $12,500 per day. C) $22,500 per day. D) $90,000 per day. E) zero.
Assume the LRAC curve for a particular industry hits its minimum point at a relatively low level of output and then increases, and the demand for industry output is quite large
In this case, consideration of the minimum efficient scale of operation suggest that the market should be served by: A) a large number of small firms to minimize production costs. B) a small number of large firms to minimize production costs C) a large number of large firms to minimize production costs. D) an indeterminate number of firms of indeterminate size to minimize production costs.
Henry Bessemer is most recognized for
a. the invention of air brakes for trains. b. his role as an early union leader. c. invention of a steel manufacturing process. d. the development of refrigerated train cars.