Refer to Table 12-1. The firm will not produce in the short run if the output price falls below
A) $8. B) $4. C) $3.20. D) $2.80.
D
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What happens to the maximum amount of "all other goods" that this person can buy if instead he receives the $100 in food coupons? What's the maximum amount of food he can buy under this plan?
What will be an ideal response?
Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 30,000 units
A) the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently high. B) producers should raise the price to $3 in order to sell the quantity demanded of 30,000. C) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high. D) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low.
If you knew that the intercept for a straight line was 12, and that if the value of the independent variable was 3 the value of the dependent variable would be 18, then the slope of the line would be:
A. 1 B. 2 C. 3 D. 4
Figure 8-1
?
Given the scatter diagram in Figure 8-1, what is the MPC (your best estimate)?
A. 1/2 B. 1/3 C. 2/3 D. 1