Refer to the figure above. When the supply curve of flash drives is S2 and the demand curve of flash drives is D, what is the surplus in the market when the price is $7?
A) 0 units
B) 10 units
C) 20 units
D) 40 units
A
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A bakery producing bread reports the following production information:
# Workers Total Product (loaves of bread per hour) 0 0 1 35 2 65 3 85 4 100 5 110 The bread sells in a competitive market at a price of $0.30 each. The firm hires workers in a competitive labor market at a wage of $7 per hour. How many workers should the firm hire? Explain your answer.
The global financial crisis of 2007-2008 resulted in a(n) ________ of the Swiss franc as foreign currency flowed ________ the country. As result, Swiss products became ________ competitive in world markets
A) depreciation; out of; more B) depreciation; into; more C) appreciation; out of; less D) depreciation; out of; less E) appreciation; into; less
Assuming that beer is a normal good, what will happen to the demand for beer near college towns if student income increased?
a. Demand will fall because students love these beers b. Demand will fall c. Demand will rise d. Supply would rise
The marginal revenue product of a resource
a. is defined as the marginal product of the resource multiplied by the resource price. b. simply means that a firm should add to its capital stock as long as competition requires it. c. equals the extra output produced by an additional unit of the resource multiplied by the marginal revenue per unit of that output. d. equals the average product of the resource multiplied by the cost of hiring an additional (marginal) unit of the resource.