In the short run, a profit-maximizing price taker will expand output as long as the market price exceeds
a. average variable cost.
b. marginal cost.
c. average total cost.
d. average fixed cost.
B
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In a mixed economy, the ultimate decision about what to produce is left to
A) buyers. B) the government. C) sellers. D) all of the above
Which of the following statements is true?
A. A tax applied to an activity that generates a negative externality always brings about the socially optimal level of output. B. A subsidy applied to an activity that generates a positive externality always brings about the socially optimal level of output. C. a and b D. none of the above
Refer to the table that presents Mike and Janet's demand for apples by the bushel. If they are the only two in the market, a market demand curve derived from this data would show quantity demanded is:Price per peckMike Quantity in pecksJanet Quantity in pecks$1226$2183$3140$4100$560
A. 21 at price = $1 and 17 at price = $2. B. 22 at price = $1 and 18 at price = $2. C. 28 at price = $1 and 21 at price = $2. D. 21 at price = $1 and 28 at price = $2.
The housing developments that were made up of identical, prefabricated houses, quickly built after World War II to meet the high demand for housing were produced by _______________.
Fill in the blank(s) with the appropriate word(s).