In economics, the demand for a good refers to the amount of the good people:
a. would like to have if the good were free
b. will buy at various prices.
c. need to achieve a minimum standard of living.
d. will buy at alternative income levels.
b
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If the firm in the given graph were to maximize profits, it would:
These are the cost and revenue curves associated with a firm.
A. produce Q1 and charge P3.
B. cause deadweight loss.
C. earn zero economic profits.
D. All of these statements are true.
Trade restrictions can prevent purchasing power parity from holding because:
A. the time and energy of importation paperwork can add to the cost of the good sold. B. tariffs can add to the cost of the good sold. C. they can add costs to the selling price because they add to the seller's cost. D. All of these statements are true.
The main rationale for government regulatory functions is
A. to expand the scope of the government. B. to make sure that firms are maximizing profits. C. to protect consumer interests. D. to regulate for-profit institutions.
Refer to the information provided in Figure 6.5 below to answer the question(s) that follow.
Figure 6.5Refer to Figure 6.5. Molly's budget constraint is CD. Molly's income is $75, the price of a DVD is $3 and the price of a CD is $5. At point D, she is buying ________ DVDs and ________ CDs.
A. 0; 15 B. 50; 30 C. 25; 15 D. 25; 0