The above figure shows the marginal benefits and marginal costs of a college education. If no subsidies are paid, enrollment equals
A) 0.
B) 10 million.
C) 15 million.
D) 25 million.
B
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The equilibrium price under an import quota is below the price that occurs with an import ban
Indicate whether the statement is true or false
The profit-maximizing monopolist will never operate in a price range over which
A) the demand curve slopes downward. B) demand is inelastic. C) P > MR. D) P > MC.
The marginal cost of a good is
a. lower for competitive firms than for monopolists. b. the cost of an additional unit. c. equal to fixed cost at high output levels. d. equal to variable cost when the firm is maximizing profit.
Refer to the information provided in Table 20.2 below to answer the question(s) that follow.
Table 20.2
Refer to Table 20.2. If both countries specialize and trade with each other, Thailand will export ________ and China will import ________.
A. tractors; motorcycles B. motorcycles; motorcycles C. tractors; tractors D. motorcycles; tractors