Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.
Figure 9.2Refer to Figure 9.2. If demand for wheat is D3, then a profit-maximizing firm will produce ________ units and earn ________.
A. 9; positive profits
B. 13; exactly a normal return
C. 15; positive profits
D. 12; negative profits
Answer: C
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Assuming price elasticity of demand is reported as an absolute value, a price elasticity of one indicates:
A. the percentage change in quantity demanded will equal the percentage change in price. B. the percentage change in quantity demanded will equal one. C. both the percentage change in price and quantity demanded must equal one. D. the percentage change in quantity demanded and the percentage change in price must sum to one.
"I believe that consumer sovereignty is a good thing." This person believes that:
A. people are often manipulated by advertisers. B. businesses should produce what people want. C. people often have self-control problems. D. businesses should produce for people's needs, not for profits.
Consider the above figure. This curve suggests that as the government continues to raise the tax rate, the revenues that are collected will eventually
A. increase. B. approach infinity. C. decline. D. become negative.
Refer to the information provided in Scenario 36.6 below to answer the question(s) that follow.SCENARIO 36.6: Following is information pertaining to four surveys:Survey 1: 50 pre-law students at Vanderbilt University are surveyed for a study to see if taking an LSAT preparation course was effective in improving their chance of being admitted to law school.Survey 2: 600 newly hired Houston-area elementary school teachers are surveyed for a study to determine how much salary they were willing to sacrifice to get a job teaching in a school with a high-quality reputation.Survey 3: 950 people are surveyed 6 months after buying a new car for a study to see how satisfied they are with their purchase.Survey 4: 75 people are surveyed in front of 5 different casinos on the Las Vegas Strip fo a
study to determine the average daily gambling budget of a Las Vegas visitor.Refer to Scenario 36.6. Of the four surveys, which is likely to be the most statistically significant? A. Survey 1 B. Survey 2 C. Survey 3 D. Survey 4