Refer to the table above. What is the total benefit that the consumer derives when he consumes 4 quarts of milk?
A) $8
B) $22
C) $24
D) $25
C
You might also like to view...
Representative commodity money retained its value because
A) it was an actual commodity. B) it was a fiat money. C) it was backed by the government. D) it could be exchanged for an actual commodity.
Consider an industry that is made up of six firms with the following market shares: Firm A - 50%, Firm B - 20%, Firms C and D - 10% each, and Firms E and F - 5% each
What is the value of the Herfindahl-Hirschman Index and how will the industry be categorized? A) 2,500; mildly concentrated B) 3,150; highly concentrated C) 8,100; highly concentrated D) 10,000; effectively competitive
In economic terminology, when a resource is used to produce output it is referred to as
A) an intangible. B) a factor of production. C) a service. D) a fifth element.
Senator Smith proposes that the income tax structure be revised to have two tax rates. The first, 16 percent, applies to persons whose income is between $0 and $40,000 a year. The second, 23 percent, applies to persons whose income is more than $40,000 a year. This is a
A) regressive income tax structure. B) proportional income tax structure. C) progressive income tax structure. D) cyclical income tax structure.