The market demand curve also is
A) a marginal social cost curve.
B) a marginal social benefit curve.
C) an opportunity cost curve.
D) a consumer surplus curve.
B
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A monopolist maximizes profits by finding
A) the rate of output where marginal revenue equals marginal cost. B) the rate of output where price equals marginal cost. C) the price where price exceeds marginal revenue by that largest amount. D) the price where average revenue and marginal cost are equal.
Use the information in the above table. The external marginal costs are
A) increasing. B) decreasing. C) constant. D) inverse to quantity produced.
Situation 32-1 In the early 1980s, the U.S. automobile industry managed to influence the government to negotiate a voluntary export restraint agreement with Japan that was in effect from 1981 until 1985. The predictable result was an average increase in the price of Japanese cars by about $1,000 and of U.S. cars by about $370. Also, as a result of the import quotas, 26,000 new jobs were "created"
in the U.S. automobile industry. Refer to Situation 32-1. Which of the following arguments is least likely to have been used by the U.S. auto industry to argue for import quotas? A) If the quantity of low-priced import cars is not restricted, foreigners will overtake the U.S. car market. B) A healthy auto industry is vital to our national security. C) If import quotas are in place, our profits will increase by about $300 per vehicle. D) Japan is protecting its market, and so should we; all we want is a level playing field.
The number of corn producers increases, so the supply of corn ________ and the supply curve of corn ________
A) increases; does not shift B) increases; shifts rightward C) decreases; shifts leftward D) increases; shifts leftward E) decrease; shifts rightward