Refer to Figure 3-4. At a price of $15, how many units will be sold?
A) 300 B) 400 C) 600 D) 700
B
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Consider a market in which each firm must predict the price and quantity decisions of other firms, as well as how those price and quantity decisions will affect the first firm's revenue and profit. This market is best described as
A) an oligopoly. B) monopolistic competition. C) a monopoly. D) perfect competition.
Can a firm achieve technological efficiency without achieving economic efficiency?
What will be an ideal response?
The benefits to a program are more difficult to quantify in dollar terms that the costs to a program
a. True b. False
Which of the following is a statement of positive economics?
a. The income tax reduces after-tax incomes of the rich b. A reduction in tax rates makes the after-tax distribution of income fairer. c. Tax rates ought to be reduced so that people will work more. d. All of the above are statements of positive economics.