Refer to the figure below:
In the figure, the equilibrium price and quantity are
A. P = $6 and Q = 800.
B. P = $7 and Q = 800.
C. P = $4 and Q = 300.
D. P = $4 and Q = 400.
E. P = $6 and Q = 300.
Answer: E
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Refer to Figure 11.5. A decrease in the marginal propensity to import is best illustrated by diagram
A) A. B) B. C) C. D) D.
Firm X is producing 1000 units, selling them at $15 each. Variable costs are $3 per unit and the firm is making an accounting profit of $3000 . What is the firm's total costs?
a. $10,000 b. $11,000 c. $12,000 d. $13,000
Which of the following statements is true?
a. TC = TFC ? TVC. b. AVC = TC / Q. c. TFC = TC ? TVC. d. MC equals the change in ATC divided by the change in Q.
The choice of a voter to remain uninformed because the marginal cost of obtaining information is greater than the marginal benefit from obtaining knowledge is called:
a. irrational ignorance. b. rational ignorance. c. collective interest. d. choice.