The figure above shows the marginal benefit and marginal cost curves for pizza. In the figure, what is the efficient quantity of pizza?
A) 0 pizzas
B) 10,000 pizzas
C) 20,000 pizzas
D) 30,000 pizzas
E) The efficient quantity cannot be determine without more information.
C
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Inflation ________
A) is more costly when it is anticipated than when it comes as a surprise B) makes it more difficult to plan for the future, whether it is a surprise or not C) induces distortions in the money and goods market but not the labor market D) all of the above E) none of the above
If consumer purchases of a good are highly sensitive to the price of the good, this is illustrated by a
a. demand curve that is relatively flat (more horizontal). b. demand curve that is relatively steep (more vertical). c. supply curve that is relatively flat (more horizontal). d. supply curve that is relatively steep (more vertical).
Some electrical utilities are monopolies because of
A) government restrictions that prevent new firms from entering the market. B) ownership of resources without close substitutes. C) diseconomies of scale. D) their inability to earn profits.
A family that earns $20,000 a year pays $400 a year in city wage taxes. A family that earns $40,000 a year pays $1,400 a year in city wage taxes. The city wage tax is a ________ tax.
A. progressive B. regressive C. proportional D. benefits-received