Refer to the information provided in Figure 6.14 below to answer the question(s) that follow.
Figure 6.14Refer to Figure 6.14. If the price of an ice cream cone is $3, the price of ice cream sandwiches is
A. $3.
B. $4.50.
C. $33.33.
D. $150.
Answer: B
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Suppose the bobby pin industry is perfectly competitive. The price of a packet of bobby pins is $2.00. Pins and Needles, Inc is a firm in this industry and is producing 1,000 packets of bobby pins per day at the point where the MC = MR
The average cost of production at this output level is $1.50 per packet. a. What is the marginal cost of the 1,000th packet? b. Is this firm making an economic profit, zero economic profit, or an economic loss? How much? c. Is the firm in long-run equilibrium? Why or why not?
When two people from two different nations with two different currencies get together, often they cannot decide exactly how to trade money for goods. Fortunately for them, there is (are)
a. governments whose role it is to handle such transactions b. arbitrage c. a foreign exchange market d. a barter system e. an international monetary fund
Some prescription drugs sell for more in the United States than they do in other countries. Which of the following statements about this issue is most likely to be true?
a. Drug companies are engaging in price discrimination, and this practice certainly reduces global social welfare. b. Global social welfare could be improved if the price in the United States were reduced to the price charged in other countries. c. Global social welfare could be improved if the price in the other countries were increased to the price charged in the United States. d. Drug companies are engaging in price discrimination, but this might improve global social welfare if it gives more people access to the drugs.
If the usury law was in effect, how much money would be lent out?
