The following table shows cost data for a firm that is selling in a purely competitive market.
Refer to the above table. Now assume there are 100 identical firms in this industry, each of which has the same cost data as the single firm described above. Suppose too that the demand curve for this industry is as shown below:
The equilibrium price will be:
A. $140
B. $180
C. $230
D. $290
B. $180
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In the above table, the number of marginally attached workers is
A) 40 million. B) 55 million. C) 15 million. D) 100 million.
The unemployment rate generally falls during ________ in the business cycle
A) a peak B) a recession C) a trough D) an expansion
Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sue's demand and marginal revenue curves are illustrated in the figure above. The change in the total revenue from renting the 15th surfboard is
A) $20. B) $15. C) $10. D) $0.
The largest proportion of M1 is made up of
A) checking account deposits. B) savings account deposits. C) currency. D) traveler's checks. E) time deposits.