In the above figure for a monopolistically competitive firm, the profit-maximizing output and price are respectively
A) 80 units and $11.
B) 50 units and $8.
C) 60 units and $9.
D) 60 units and $14.
D
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The figure above shows the market for private elementary school education in Chicago. There is no external cost of private elementary education
If the government does not intervene in this market, the equilibrium number of students being privately educated is ________ and the efficient quantity is ________. A) 0 students; 400 students B) 400 students; 400 students C) 400 students; 600 students D) 600 students; 400 students E) 600 students; 600 students
Central banks that are relatively free from political interference, and are thus ________ likely to be time inconsistent, generally have a ________ record of achieving low inflation
A) more, better B) more, worse C) less, better D) less, worse
The legislature is at a bargaining disadvantage with a bureau because _____
a. they have many bureaus to oversee b. its members reveal their demand for the good through speeches and public statements c. they typically obtain all their information from the bureau d. all of the above e. a and c
Farmers who joined the Greenback Party in the late-19th century felt that
a. the government should make efforts to curb the inflation that the country was experiencing. b. farm prices were too high in comparison to the overall price-level of the economy. c. the government should own all transportation and communication facilities. d. an increase in the money supply would benefit debtors.