Refer to Figure 12-9. At price P2, the firm would produce
A) Q2 units. B) Q3 units. C) Q4 units. D) zero units.
A
You might also like to view...
Which of the following describes the Soviet Union's economy through most of the second half of the 20th century?
A) The Soviet economy grew slowly because of the slow rate of technological change. B) The Soviet economy grew because it added labor through immigration policy in the 1950s. C) The Soviet economy increased capital per worker very slowly from 1950 through 1980. D) The Soviet economy grew rapidly in the latter half of the 20th century.
Which of the following examples best illustrates the concept of derived demand?
A) An increase in the price of beef results in an increase in the demand for fish. B) The higher the demand for automobiles, the greater the demand for steel. C) The demand for Pepsi varies directly with the price of Coke. D) The demand for a good varies inversely with its price.
One way in which politicians have tried to cut federal spending and borrowing was to refuse to
a. lower the legal debt limit. b. default on Treasury bonds. c. raise the legal federal debt limit. d. issue additional Treasury bonds.
Tax reduction and simplification should ________ long-run aggregate supply and ________ aggregate demand
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease