Recall the Application about federal quality standards in the market for kiwifruit to answer the following question(s).Recall the Application. The sweetness of the kiwifruit is based on:
A. its maturity at the time of harvest.
B. the amount of water on the ground where it is grown.
C. the amount of sunshine at the location of the plantation.
D. the variety of the tree.
Answer: A
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The figure above shows the market for milk. If 250 gallons of milk a day are available, the ________ price that consumers are willing to pay for the last gallon is ________
A) maximum; $2.50 B) minimum; $2.50 C) maximum; $3.25 D) minimum; $3.25
Compared with a perfectly competitive firm facing the same costs, long-run equilibrium for a monopolistically competitive firm will result in
A) a higher price and greater output. B) a lower price and less output. C) a higher price and less output. D) a lower price and greater output.
All of the following are examples of a nondurable good except
a. a pencil. b. one gallon of gasoline. c. a queen-size bed. d. a pair of shoes.
Suppose the domestic supply (QSU.S.) and demand (QDU.S) for bicycles in the United States is represented by the following set of equations:QSU.S. = 2PQDU.S. = 200 - 2P.Demand (QD) and supply (QS) in the rest of the world is represented by the equations:QS = PQD =160 - P.Quantities are measured in thousands and price, in U.S. dollars.After the opening of free trade with the rest of the world, if the world price of bicycles settles at $60, the United States will
A. import 60,000 bicycles. B. export 60,000 bicycles. C. export 40,000 bicycles. D. import 40,000 bicycles.