As a person increases his or her caloric intake, the person's weight increases, ceteris paribus. The relationship between the person's caloric intake and the person's weight is an example of
A) unrelated variables.
B) a positive relationshi
B
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Refer to the scenario above. If the equilibrium price charged by the firm in the short run is $170, the firm will earn ________
A) a profit of $10 per unit B) a profit of $25 per unit C) a profit of $0 per unit D) a profit of $30 per unit
Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. Suppose that a nationwide quota (of 20) is enforced so that more can be used in a war effort. What is the consumer surplus?
a. 200 b. 400 c. 600 d. 800
If a firm in a perfectly competitive market is producing at a level of output where marginal costs are less than marginal revenue, its profit:
A. must be positive. B. are maximized. C. will increase if it produces less. D. will increase if it produces more.
An economic model is
a. a concrete representation of reality b. as close to reality as possible c. too abstract to be useful when assumptions are involved d. unrelated to reality e. an abstract representation of reality