Refer to the diagram for a monopolistically competitive firm in short-run equilibrium. The profit- maximizing output for this firm will be:
A. 100.
B. 160.
C. 180.
D. 210.
B. 160.
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A bowed out production possibility frontier shows that the
A) opportunity cost of a good is constant as more of the good is produced. B) opportunity cost of a good decreases as more of the good is produced. C) opportunity cost of a good increases as more of the good is produced. D) opportunity cost relationship is linear. E) opportunity cost of producing another good is negative.
Shelly purchases a leather purse for $400. One can infer that:
A. her reservation price was at least $400. B. her reservation price was exactly $400. C. she paid too much. D. her reservation price was less than $400.
In Figure 30.2, unemployed labor at the equilibrium wage is equal to
A. 28 workers. B. 0 workers. C. 10 workers. D. 34 workers.
If the federal government placed a 50 cent per pack excise tax on cigarette manufacturers, and if as a result, the price to consumers of a pack of cigarettes went up by 40 cents, the:
A. actual burden of this tax falls mostly on consumers. B. actual burden of this tax falls mostly on manufacturers. C. actual burden of the tax would be shared equally by producers and consumers. D. tax would clearly be a progressive tax.