Use the following table to answer the question below.Price per UnitQuantity Demanded per YearQuantity Supplied per Year$52,0000101,800300151,600600201,400900251,2001,200301,0001,500In this competitive market, the price and quantity will settle at
A. $25 and 1,200 units.
B. $10 and 1,800 units.
C. $20 and 900 units.
D. $15 and 1,600 units.
Answer: A
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Refer to the production possibility curve for Marketopia below.
The graph indicates that with the resources and technology it has available, Marketopia
A. can produce either 40 units of rye or 20 units of eggs. B. can produce both 40 units of rye and 20 units of eggs. C. cannot produce both 20 units of rye and 5 units of eggs. D. cannot produce both 20 units of rye and 10 units of eggs.
Figure 10-1
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A firm earns a profit of exactly zero at its optimal output level only if
A. P = MR. B. P = MC. C. P = AC. D. P = SRAVC.
The expected rate of currency depreciation is equal to the proportional difference between the forward rate and the spot rate. This is known as the:
a. forward depreciation. b. backward depreciation. c. forward premium. d. backward premium.
If the equilibrium price for some product is $1000, a price ceiling of $1200 will result in
A) massive surpluses of the good. B) the same general effects as a price floor of $1200. C) the same general effects as an administered price of $1200. D) the same general effects as a price ceiling of $600. E) no effects because the price ceiling is not binding at that price.