Refer to Figure 8.1. At 67 units of output, profit is
A) maximized and zero.
B) maximized and negative.
C) maximized and positive.
D) not maximized, and zero.
E) not maximized, and negative.
C
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In a small open economy, goods market equilibrium occurs when desired saving minus desired investment equals net exports. Explain
What will be an ideal response?
In the figure above, what is the interval elasticity of demand over the price range $60 to $80?
A. -0.75 B. -2.00 C. -1.40 D. -1.00 E. -1.10
The value to the consumer is based upon adding up
A. the most each consumer is willing to pay for a good. B. the difference between most a consumer is willing to pay for a good and the least a firm is willing to sell the good for. C. the least a firm is willing to sell the good for. D. the average of the most a consumer is willing to pay for a good and the least a firm is willing to sell the good for.
One argument for having the government regulate natural monopolies is that without regulation:
A. These monopolies usually produce things that are potentially harmful to our health B. These monopolies produce at a level where marginal benefit is greater than marginal cost C. These monopolies produce at a level where marginal benefit is less than marginal cost D. The industry would become competitive and there would be too many firms in the market to achieve efficiency