The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound once international trade occurs, the production of cherries in the United States will equal
A) 200,000 pounds.
B) 400,000 pounds.
C) 600,000 pounds.
D) 800,000 pounds.
E) 0 pounds.
C
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The horizontal short-run aggregate supply curve
A) assumes that wages and all other input prices are constant. B) assumes that opportunity cost is constant. C) shows that real GDP can be increased only when prices increase. D) assumes that there is full employment in the economy.
For a competitive, profit-maximizing firm, the labor demand curve is the same as the
a. marginal cost curve. b. value of marginal product curve. c. production function. d. profit function.
Angelee works for a major corporation overseeing quality control, and she earns $50,000 per year. She uses about ten percent of her pay to purchase household items, such as appliances, and spends another two percent on travel. She buys stock with about five percent of her pay. Explain which of her actions are part of the factor market and why?
What will be an ideal response?
When quantities of two goods belong to the same indifference curve, which of the following is true?
A. The combinations of the two goods along the indifference curve yield the same total utility. B. Prices of the two goods are equal. C. Marginal utilities of both goods are equal. D. The total utility of all combinations above the curve equal zero.