Refer to the table below. If Sweet Grams is a perfectly competitive firm and the market price $1.00 per unit, what is the profit-maximizing total quantity for Sweet Grams to produce?
Sweet Grams makes graham cracker snack packages. Sweet Grams is a multi-plant firm with two production facilities. The above table summarizes the total marginal cost of production at various output levels in the separate plants. Assume Sweet Grams is a perfectly competitive firm.
A) 47,000
B) 22,500
C) 24,500
D) 52,000
A) 47,000
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Which tool do economists use to determine the effect of an economic event on equilibrium price and quantity?
a. equilibrium price b. the four-step process c. demand schedule d. supply schedule
Which of the following statements is TRUE of external costs?
A. There are no good ways to correct for external costs. B. When external costs exist, the price of the good will be deceptively low leading to an overallocation of resources. C. External costs should only be corrected for if the correction will not increase the market price. D. External costs should not be corrected since people will bear the costs whether they are corrected or not.
The ability of one person or nation to produce a good at a lower absolute cost than another is called a(n)
A) comparative advantage. B) specialization advantage. C) market advantage. D) absolute advantage.