Refer to Figure 5-13. The market equilibrium price of gasoline is ________ per gallon
A) $3.00 B) $3.75 C) $4.25 D) $5.00
B
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If the country is heading into a recession, the Fed might be able to counteract this by
A. increasing the discount rate. B. carrying out an expansionary fiscal policy. C. forcing the government deficit to decrease. D. acting to increase the money supply.
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a year. If doctors make $50,000 a year and nurses make $40,000 a year, then
A. the clinic could serve more patients by hiring more doctors and fewer nurses. B. the clinic is making the correct decision. C. the clinic could serve more patients by hiring fewer doctors and more nurses. D. the clinic is not making the correct decision because the additional patients per dollar spent on doctors is greater than the additional patients per dollar spent on nurses. E. a and d
The two tendencies of a firm in a cartel are the incentive to:
A. cheat to maximize joint profits and the incentive to raise prices. B. cheat and avoid collusion and the incentive to raise price to maximize the firm's share of profits. C. increase output in order to minimize per-unit cost and the incentive to reduce price in order to maximize joint profit. D. cooperate to maximize joint profits and to cheat on the agreement in order to increase the firm's share of the profit.
Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. During Period 2, labor productivity is equal to
A. 0.23. B. 0.51. C. 1.95. D. 4.3.