Refer to Scenario 1 . Explain how this economy might be able to produce 45 fish and 45 crabs?
What will be an ideal response?
The economy could do this with the benefits of an increase in resources or a technological advance in fishing.
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The table above gives the total revenue and total cost for a perfectly competitive firm producing chocolate chip cookies. If the firm is producing 1 pound of cookies, to maximize its profit it will
A) increase its output. B) decrease its output. C) continue producing 1 pound of cookies. D) shut down.
When the market price is below the equilibrium price, the quantity of the good demanded exceeds the quantity supplied
a. True b. False Indicate whether the statement is true or false
A bank has $1000 in deposits and maintains a 12 percent reserve ratio. Its reserves are $_____
Fill in the blank(s) with correct word
Which statement shows consumer expectation affecting demand?
a. Mikayla buys a new skirt style that she saw in a fashion magazine. b. Jacob's wages go up, so he buys an extra pair of basketball shoes. c. The price of fuel containing ethanol drops, so gasoline sales decrease. d. Emma buys 10 pounds of coffee because crops are failing in Kenya.