The unregulated, single-price monopoly shown in the figure above makes a total economic profit of
A) $24.
B) $16.
C) $8.
D) $4.
C
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If the total cost incurred in hiring ten workers by a firm is $45, and the total cost incurred when the eleventh worker is hired is $60, the marginal cost of hiring the eleventh worker is:
A) $20. B) $15. C) $105. D) $1.33.
Import bans, import quotas, voluntary export restraints (VERs), and tariffs on goods all:
A. increase equilibrium quantities and prices. B. decrease equilibrium quantities and prices. C. increase equilibrium quantities, but decrease prices. D. decrease equilibrium quantities, but increase prices.
To avoid trade restrictions, a U.S. firm moves its final production process to Ireland and then ships the final products to Germany. This is an example of
A) trade deflection. B) trade diversion. C) protectionism. D) rules of origin.
Refer to the information provided in Figure 6.11 below to answer the question that follows.
Figure 6.11Refer to Figure 6.11. The opportunity cost for a day's worth of income is ________ of leisure.
A. 1 hour B. 10 hours C. 24 hours D. indeterminate from this information.