Refer to the above diagram. A binding government price support program to aid farmers is best illustrated by:
A. price B.
B. price A.
C. price C.
D. quantity E.
Answer: C
You might also like to view...
In the above table, diminishing marginal returns start to occur when the
A) 3rd worker is employed. B) 4th worker is employed. C) 5th worker is employed. D) 6th worker is employed.
Which graph in the above figure best represents a good that is an inferior good at some income levels, and a normal good at other income levels?
A) Graph A B) Graph B C) Graph C D) Graph D
Which of the following is true of wealth concentration in the U.S during 1989 to 2007?
A. Wealth rose 86% for the the median household, but the mean rose 60%. B. Wealth rose 60% for the the median household, but the mean rose 86%. C. Wealth decreased 20% for the median household, but the mean decreased by 15%. D. Wealth decreased 20% for the median household, but the mean increased by 15%.
The market price for wallets is $20. Your technology is such that at your most efficient production point, the average total cost of producing a wallet is $2.50. Your manager runs into your office and shouts, "Boss!!! Average costs are rising!! Average costs are rising!!" To make a profit-maximizing decision, you should:
A. ask the manager about the average total cost. B. immediately stop production. C. completely ignore your manager. D. ask the manager about the marginal cost.