Refer to the given data. Alpha is a(n):
A. increasing-cost economy, whereas Omega is a constant-cost economy.
B. constant-cost economy, whereas Omega is an increasing-cost economy.
C. increasing-cost economy, as is Omega.
D. constant-cost economy, as is Omega.
D. constant-cost economy, as is Omega.
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Which of the following is a normative statement?
A. A decrease in price leads to an increase in quantity consumed. B. Incomes grow more rapidly in high-tax states than low-tax states. C. People would be better off if government expenditures were higher. D. People will buy less butter at $1.50 per pound than they will at $1 per pound.
Refer to Scenario 3.2 below to answer the question(s) that follow.SCENARIO 3.2: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding.Refer to Scenario 3.2. As a result of the flooding during the winter, you would expect that
A. the price of lettuce would increase and both the quantity of lettuce supplied and the quantity of lettuce demanded would increase. B. the price of lettuce would increase, the supply of lettuce would increase, and the quantity demanded of lettuce would decrease. C. the supply of lettuce would decrease, the price of lettuce would increase, and the demand for lettuce would decrease. D. the supply of lettuce would decrease, the price of lettuce would increase, and the quantity demanded of lettuce would decrease.
According to the diagram in the above figure, what is the marginal benefit of consuming the 3 millionth gallon of gasoline per month?
A) 5 pounds of shrimp per gallon of gasoline B) 3 pounds of shrimp per gallon of gasoline C) 2 pounds of shrimp per gallon of gasoline D) 1 pound of shrimp per gallon of gasoline
A firm that charges a very low price would be practicing predatory pricing if
A. the price allowed only a small profit. B. the price would only be profitable if it succeeded in driving a rival out of the market and prices increased afterward. C. the price allowed profits that were positive but below those earned by other firms. D. it only offered the low price to its rivals’ customers.