For the perfectly competitive firm shown in Figure 9-6,
a.
profit rises when the firm raises its price and lowers its output
b.
the profit-maximizing output level is 180 units
c.
an economic loss occurs at the profit-maximizing output level
d.
the profit-maximizing output level is 100 units
e.
the firm will earn short-run profits
c
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Answer the following statement(s) true (T) or false (F)
Which of the following pairs of goods are likely to be considered complements?
A) Pens and writing pads B) Laptops and electric heaters C) Motorcycles and typewriters D) Nokia and Samsung cell phones
A. Distinguish between a tariff and a quota
b. In what ways are tariffs and quotas similar? c. In what ways are tariffs and quotas different? d. Why might a foreign producer prefer a quota rather than a tariff?
Refer to Table 19-17. What is real GDP in 2016, using 2011 as the base year?
A) $3,320 B) $3,690 C) $6,360 D) $7,035