During the past 100 years, the United States has transformed into primarily
A. A service economy.
B. An agricultural economy.
C. A closed economy with little foreign trade.
D. A manufacturing economy.
Answer: A
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Refer to the scenario above. Which of the following is true if Sarah is optimizing in levels?
A) An optimizer will rent the hotel for three days if the total benefit of staying for three days exceeds the total benefits of staying for two days. B) An optimizer will rent the hotel room for three days if the cost of staying for two days exceeds the cost of staying for three days. C) An optimizer will rent the hotel room for three days if the net benefit of staying for three days exceeds the net benefit of staying for two days. D) An optimizer will rent the hotel room for three days if the net benefit of staying for the third day is negative.
The price for the shutdown point is ________
A) $5.14 B) between $3.01 and $5.13 C) $3.00 D) between $0 and $2.99 E) greater than $5.15
Figure 5-3
In Figure 5-3, a decline in price from 3 to 1 will increase market quantity demanded by
A. 30. B. 40. C. 50. D. 60.
Suppose the perfectly competitive equilibrium occurs such that too many units of the good are produced. This is an example of
A) marginal cost pricing. B) market failure. C) firms have not yet exited the industry. D) greedy business people behaving in an inappropriate manner.