Refer to Figure 8.4. If three microwave ovens are produced, average variable costs are
A) $166.67.
B) $333.33.
C) $500.
D) $1,500.
A) $166.67.
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The inefficiency in a monopolistic competitive firm is accepted because of which of the following?
a. There is nothing that can be done to avoid the deadweight loss. b. The government creates the differentiation. c. Consumers like the variety differentiation produces. d. Consumers do not like the variety differentiation produces.
In the circular-flow diagram, one loop represents the flow of goods and services, and the other loop represents the flow of factors of production
a. True b. False Indicate whether the statement is true or false
Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine. One of the demand curves below represents the private demand for the vaccine and the other represents the social demand for the vaccine.
At the private market equilibrium, the price of each dose is:
A. $70. B. $80. C. $50. D. $60.
the multiplier is a value between zero and one
a. true b. false