How many units of land would you hire?
5 units of land
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According to the laws of demand and supply, if the price of beef increases, which of the following likely will occur?
A. The quantity demanded will decrease. B. The quantity demanded will remain constant. C. The quantity demanded will increase. D. The equilibrium price will increase but there will be no change in the market price. E. The quantity supplied will decrease.
Refer to Figure 24-2. Ceteris paribus, a decrease in the price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. What is the difference in the deadweight loss compared to a monopoly in this market?
A. A monopoly would create $6,666.67 more deadweight loss B. A monopoly would create $6,666.67 less deadweight loss C. A monopoly would create $5,555.56 more deadweight loss D. A monopoly would create $5,555.56 less deadweight loss
When a tax is imposed on buyers, consumer surplus decreases but producer surplus increases
a. True b. False Indicate whether the statement is true or false