If the above figure illustrated a perfectly competitive industry, the equilibrium market price would be equal to
A) $4.
B) $7.
C) $9.
D) $11.
B
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For most years since 1980, the natural unemployment rate was higher in Canada than in the United States. What possible explanation for some of this difference has been suggested?
What will be an ideal response?
Any point on a production possibilities frontier (PPF) itself is
A) production efficient. B) unattainable. C) inefficient. D) equitable.
One of the strongest reasons that oligopolies exist is due to
A) the homogeneity of their products. B) marginal cost pricing. C) lowest cost production. D) economies of scale.
If, when you consume another piece of candy, your marginal utility is zero, then
A) you want more candy. B) you have maximized your total utility from consuming candy. C) you have not yet reached the point of diminishing marginal utility. D) you should consume less candy.