Which fundamental economic question is most closely related to the issues of income distribution and poverty?
a. The What to Produce question. b. The Why to Produce question.
c. The How to Produce question. d. The For Whom to Produce question.
d
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If Joe has budget constraint C in the graph shown, what is the relative price of three gallons of milk?
This graph shows three different budget constraints: A, B, and C.
A. 2 cases of soda
B. 4 cases of soda
C. $12
D. $9
An increase in supply is shown by:
a) a movement up along the supply curve. b) a movement down along the supply curve. c) a rightward shift of the supply curve. d) a leftward shift of the supply curve. e) an initial movement up and then down along the same supply curve.
A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 500 units is $1.50. The minimum possible average variable cost is $1.00. The market price of the product is $1.25. To maximize profit or minimize losses, the firm should:
A. produce less than 500 units. B. shut down. C. continue producing 500 units. D. produce more than 500 units.
If the quantity of smallpox vaccinations is determined by the market forces of demand and supply, which of the following is most likely to be true??
a. The equilibrium price and quantity will be too high for efficiency.? b. The equilibrium quantity will be too high for efficiency.? c. The equilibrium quantity will be too low for efficiency.? d. The equilibrium price will be too low for efficiency.? e. The equilibrium price and quantity will be efficient.?