China's strategy of breaking the vicious circle of poverty focused on
a. transforming itself into a market-based economy
b. reducing the resources devoted to infrastructure development
c. refusing to trade with foreign countries
d. reducing population growth by stringent restrictions on family size
e. developing more traditional and labor-using production techniques
D
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Refer to Figure 15-2. If the firm's average total cost curve is ATC2, the firm will
A) suffer a loss. B) break even. C) make a profit. D) face competition.
Slick Shades has a constant marginal cost of production equal to $80 and the distributors have a constant marginal cost of distribution equal to $30. If Slick Shades is producing the profit-maximizing number of sunglasses (in hundreds) and charging the profit-maximizing wholesale price, what is Slick Shades' profit (in hundreds)?
The figure above shows the wholesale demand and marginal revenue curves for Slick Shades Sunglasses, a sunglasses firm with market power. Slick Shades Sunglasses has a constant marginal cost of production and it sells to perfectly competitive independent retail distributors that have a constant marginal cost of distribution.
A) $3,600
B) $2,400
C) $6,400
D) $4,800
A business enterprise in which employees must belong to the union before they can be hired is
A) a closed shop. B) a union shop. C) a jurisdictional dispute. D) an industrial union.
If you are given $20 and told to go to the store and buy as many potatoes as you can, the reason your demand curve for potatoes is downward sloping has mostly to do with
A. the real-balances effect. B. the substitution effect. C. diminishing marginal utility.