The total fixed cost remains constant as which of the following varies (as depicted on the x-axis of the relevant graph)?
A. cost of resources
B. time
C. output in a given period of time
D. profit
Answer: C
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Suppose the quantity demanded of cigarette cartons falls by 5% when prices are increased by 100%. The price elasticity of demand for cigarettes is
A) elastic and equal to 0.05. B) inelastic and equal to 0.05. C) elastic and equal to 20. D) inelastic and equal to 20.
In 1991, Argentina decided to peg its currency (the Argentinean peso) to the U.S. dollar. Most of Argentina's trading, however, was with Brazil and Europe, not the United States. What result would pegging the Argentinean peso to the U.S
dollar have on the cost of imports from and exports to Brazil and Europe?
The price elasticity of supply measures
A) the responsiveness of quantity demanded to a change in price. B) the responsiveness of quantity supplied to a change in price. C) the change in supply due to a change in input prices. D) the change in price due to a change in quantity supplied.
Use the following graph of the market for milk to answer the question below.
If 30 million gallons of milk are being produced, then we know
A. too much milk is being produced. B. too little milk is being produced. C. marginal benefit is $1.00. D. marginal benefit is greater than marginal cost.