Refer to Table 2-9. What is Japan's opportunity cost of producing one wristwatch?
A) 0.04 pounds of rice B) 4 pounds of rice C) 25 pounds of rice D) 40 pounds of rice
C
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Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately 6. What does this mean?
A) A 1 percent decrease in the price of grapefruit juice leads to a 6 percent increase in orange juice consumption. B) A 6 percent increase in the price of grapefruit juice leads to a 1 percent increase in orange juice consumption. C) The demand for orange juice is 6 times greater than the demand for grapefruit juice. D) If the price of grapefruit juice rises by $1, 6 more cartons of orange juice will be purchased.
The first important law regulating monopolies in the United States was
A) the Clayton Act, which was passed in 1890. B) the Sherman Act, which was passed in 1890. C) the Grant Act, which was passed in 1890. D) the Federal Trade Commission Act, which was passed in 1914.
A competitive firm currently produces and sells 7,500 units of output at a price of $2.50 per unit. The firm's average fixed cost is $0.75 and its average total cost is $2.80 . In the short run, should the firm continue to operate?
For government to correct for the failure of market outcome, it must do all of the following except:
A. act only if the marginal costs exceed the marginal benefits. B. have the ability to do something positive about the problem. C. recognize the problem. D. have the will to do something positive about the problem.