Based on the model, the price at the efficient equilibrium is
Consider the following model for the production of refined oil: MSC = 10 + 0.5Q; MEC = 0.3Q;
MSB = 30 – 0.3Q; MEB = 0.
a. PE = $18 b. PE = $22.50 c. PE = $20 d. PE = $40
b. PE = $22.50
You might also like to view...
The consumer's gain from the imposition of a price ceiling is higher when
A) the own price elasticity of market demand is high and the price elasticity of market supply is high. B) the own price elasticity of market demand is high and the price elasticity of market supply is low. C) the own price elasticity of market demand is low and the price elasticity of market supply is high. D) the own price elasticity of market demand is low and the price elasticity of market supply is low.
Expected value is defined as
a. the profit on a fair bet. b. the most likely outcome of a given experiment. c. the outcome that will occur on average for a given experiment. d. the relative frequency with which an event will occur.
The way to prevent the national debt from growing is for the budget not to be in deficit
a. True b. False Indicate whether the statement is true or false
If the price of a good in the U.S. is $10 and the unit of foreign currency is the dinar, in which case is the real exchange rate 5/4?
a. the foreign price is 4 dinars and the exchange rate is 1/2 dinars per dollar b. the foreign price is 5 dinars and the exchange rate is 2.5 dinars per dollar c. the foreign price is 4 dinars and the exchange rate is 2 dinars per dollar d. the foreign price is 5 dinars and the exchange rate is 2/5 dinars per dollar