Refer to the information provided in Figure 16.2 below to answer the question(s) that follow.
Figure 16.2Refer to Figure 16.2. What is the total damage imposed as a result of producing the market (unregulated) level of cars?
A. $250
B. $350
C. $500
D. $700
Answer: B
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The table above shows Mary's utility from chips and soda. The table shows that Mary has diminishing marginal utility for
A) both chips and soda. B) neither chips nor soda. C) soda, but not chips. D) chips, but not soda.
Refer to the graph shown, which depicts a perfectly competitive firm. If the price of the product is $3:
A. the firm may continue to operate in the short run but will exit the industry in the long run. B. the industry will be in long-run equilibrium. C. new firms will enter the industry. D. the firm will just cover its opportunity cost of production.
If order to be relevant, the price floor must be
A. above equilibrium. B. at equilibrium. C. within 10% of equilibrium (either way). D. below equilibrium.
A necessary condition for exchange rate stability where the sum of the elasticity of import demand and the elasticity of export supply must be greater than one is known as
A) the Marshall Lerner condition. B) the elasticities rule. C) the elasticities approach. D) the exchange rate condition.