The figure above shows the market for cotton in Georgestan. The government regulates the market with a production quota set at 8 million pounds per year. The price of cotton in Georgestan is
A) 30 cents per pound.
B) 40 cents per pound.
C) 60 cents per pound.
D) 50 cents per pound.
C
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An increase in spending that results from expansionary ________ policy causes the interest rate to ________, everything else held constant
A) fiscal; rise B) fiscal; fall C) incomes; rise D) incomes; fall
For a person earning $75000, the marginal tax amount from 40,001 to $75000 is:
A. $5,000
B. $7,500
C. $8,750
D. $14,250
Two goods are substitutes of each other if an increase in the price of one good causes the demand for the other good to increase
a. True b. False Indicate whether the statement is true or false
Advertising
a. provides information about products, including prices and seller locations. b. has been proven to increase competition and reduce prices compared to markets without advertising. c. signals quality to consumers, because advertising is expensive. d. All of the above are correct.