Refer to Figure 15-15. The profit-maximizing price is
A) P1. B) P2. C) P3. D) P4.
C
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Refer to the figure above. After the market changes from perfectly competitive to a monopoly:
A) the social surplus decreases. B) the market price decreases. C) the deadweight loss decreases. D) the consumer surplus increases.
The number of firms in a perfectly competitive market:
A. is fixed in the short run. B. is fixed in the long run. C. varies in the short run. D. is the same at all possible long-run equilibria.
The balance of payments ____
a. b and e b. is always zero c. with some nations is different than it is with others d. is negative when the nation runs a trade deficit e. can only be expanded when the government has foreign exchange reserves
Macroeconomics focuses on the behavior of
A. Government agencies. B. The overall economy. C. Individual consumers. D. All of the choices are correct.