Economists assume that the goal of the firm is to
a. maximize total revenue
b. maximize profits
c. minimize costs
d. equate total revenue and total cost
e. break even in the long run
B
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Hughes and Cain (2011) suggest that an event or series of events occurring in 1763 doomed British policy. What happened?
(a) A series of oppressive taxes (b) A tightening and more rigorous enforcement of the Navigation Acts (c) A proclamation which limited trans-Appalachian settlement to lands once granted to colonists by crown approval (d) An act that gave the Quebec province all the land west of the Ohio River
An increase in the dollar price of the Mexican peso (an appreciation of the peso) would cause
a. Mexico's imports to increase and exports to decline. b. Mexico's exports to increase and imports to decline. c. both Mexico's imports and exports to decline. d. both Mexico's imports and exports to rise.
For every gift that A gives to B from the first to the tenth gift, A receives a net benefit of $10. The additional cost to A of giving an additional gift is constant at $5. It follows that A's marginal benefit curve for giving gifts to B is ___________________ (assuming that we place "marginal benefits" on the vertical axis and "number of gifts" on the horizontal axis)
A) downward-sloping over units 1 -10. B) upward-sloping over units 1-10. C) horizontal over units 1-10. D) vertical over units 1-10. E) There is not enough information provided to answer the question.
The figure above shows the market for annual influenza immunizations the United States. Area B is the
A) gain in efficiency from the illustrated subsidy. B) remaining deadweight loss when there is the illustrated subsidy. C) deadweight loss when there is not the illustrated subsidy. D) equilibrium with the illustrated subsidy. E) loss in efficiency from the illustrated subsidy.