Which of the following steps should Bufton Dairy, a firm selling dairy products, take in order to earn positive economic profits?
a. Offering products that are identical to those of its rivals
b. Producing at the highest point on its average total cost curve
c. Acquiring most of its rivals
d. Selling only one dairy product
c
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The deadweight loss associated with a policy change is measured as
a. the maximum value of consumer surplus b. the sum of consumer surplus and producer surplus associated with the new policy c. the excess of producer surplus over consumer surplus d. the sum of ? consumer surplus plus ? producer surplus associated with the new policy
The following table shows values of annual real GDP per capita over time. Use it to answer the next question.1810$1,5001860$2,1001910$3,9001960$18,0002010$43,600What was the rate of growth in real GDP per capita between 1810 and 2010?
A. 2,807% B. 2,907% C. $43,600 D. $42,100
The above figure shows the market for pizza. The market is in equilibrium. Pizza and tacos are substitutes for consumers. The price of tacos falls. What point represents the most likely new price and quantity?
A) A B) B C) C D) D E) E
A consumer maximizes utility by allocating time so that the expected marginal utilities of the last unit of time spent in each activity are identical
a. True b. False