The point where quantity demanded and quantity supplied are equal is known as the
a. ceiling price.
b. minimum price.
c. equilibrium price.
d. administered price.
c. equilibrium price.
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Suppose the demand for wine is elastic and that initially 5 million bottles of wine are produced and consumed in the United States. If the government imposes a tax of $2 per bottle of wine, the government will collect
A) more than $10 million in tax revenues. B) $10 million in tax revenues. C) less than $10 million in tax revenues. D) an amount that may be more than, equal to, or less than $10 million in tax revenues depending on the precise elasticity of demand.
Specialization of labor means that: a. production requires a special kind of labor
b. the overall skill level of labor is increasing over time. c. individuals produce goods that they are relatively good at producing and trade for those that they do not produce. d. individuals achieve self-sufficiency in production by producing all the goods that they require. e. exchange within the economy consists of trading in services.
Which of the following is the best example of an activity that would be undertaken by an entrepreneur?
a. Buying and selling of stocks and bonds. b. Starting a new business. c. Working on an assembly line. d. Running for political office.
Refer to the graph shown depicting a monopolistically competitive firm. According to the graph, economic profit is currently:
A. impossible to determine. B. zero. C. negative. D. positive.