At what price would Juan and the other producers supply the largest quantity of coffee?
a. $2 per pound
b. $3 per pound
c. $4 per pound
d. $5 per pound
d. $5 per pound
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If there is a shortage in the market for automobiles, then
a. producers' inventories will rise b. the price should begin to rise c. the demand curve will shift to restore equilibrium in the market d. the supply curve will shift to restore equilibrium in the market e. the price is expected to fall
The MPC in the economy depicted in Figure 9.3
A. Decreases steadily as disposable income increases. B. Equals 1.0. C. Increases steadily as disposable income increases. D. Is constant.
Assume that labor is the only variable input and that the payment made to labor is denoted as W. The ________ can be stated as W/MC.
A. marginal revenue product of labor B. total revenue from labor C. total cost of labor D. marginal product of labor
If the foreign exchange rate is $1 is equivalent to 5 Swiss francs, then 1 Swiss franc is worth
A. $5. B. 50 cents. C. 20 cents. D. 5 cents.