This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were open to free trade, domestic producers would produce how many units?
A. 115
B. 150
C. 60
D. 90
Answer: C
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A perfectly competitive firm will earn a positive economic profit so long as price is greater than average total cost at the profit-maximizing level of output
Indicate whether the statement is true or false
The opportunity cost of going to college full time away from home includes
A) the income you could have earned from a full-time job. B) the funds you would have saved if you had not paid the tuition. C) the time you could have spent with friends back home. D) All of the above are correct.
The tax system is how modern governments shift resources from
a. producing goods to producing services b. government to the private sector c. the private sector to government d. the U.S. Treasury to the Federal Reserve System e. one sector of the economy to another
The relationship between inputs and outputs is known as
A. marginal product. B. manufacturing. C. business. D. a production function.