Which of the following characteristics of Exland, a less-developed country, is not typical?
a. a high percentage of the population under 15
b. political instability
c. modern technology
d. lack of infrastructure
e. dependence on exports of natural resources
C
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Suppose the price elasticity of teenagers' demand for cigarettes is 2.0. If the government imposes a tax on cigarettes that raises the price by 10 percent, by how much will it reduce teenaged smoking?
A) by 5 percent B) by 10 percent C) by 15 percent D) by 20 percent
The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. For a consumer, the price they are willing to pay for each additional pound of coffee is
A) always less than the economy's marginal social cost of producing that additional pound. B) equal to their own marginal benefit from consuming that additional pound. C) equal to their consumer surplus. D) Both answers B and C are correct.
The above table shows the marginal benefit from submarines for the only two citizens of a country. Submarines are a public good. If submarines cost $300 a piece, what is the efficient quantity to produce?
A) 0 B) 1 C) 2 D) 3
Explain why a firm should continue to operate in the short run so long as market price is greater the the firm's average variable cost at the profit-maximizing level of output
What will be an ideal response?