Refer to above figure. What would be the cost of the subsidy to European taxpayers?
What will be an ideal response?
$24 Million.
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A necessary condition for "perfect competition" is
A) price searchers. B) price takers. C) legal restrictions on entry into the market. D) a small number of huge firms. E) widespread and long-run economic profits.
If actual output is less than equilibrium output, firms will ________ output to keep from ________ inventories
A) increase; accumulating B) increase; depleting C) decrease; depleting D) decrease; accumulating
Which of the following would cause a decrease (leftward shift) in the short-run aggregate supply curve (SRAS)? a. An increase in oil prices. b. An advance in technology
c. An increase in the CPI. d. An increase in the long-run aggregate supply curve (LRAS).
Which of the following factors would NOT affect the own price elasticity of a good?
A. Price of an input B. Available substitutes C. Time D. Expenditure share