Exhibit 7-12 Marginal revenue and cost per unit curves
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If price is equal to OD for the firm shown in Exhibit 7-12, total profit is maximized when:
A. output is X.
B. output is Y.
C. output is Z.
D. output is greater than Z.
Answer: C
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The table above gives the aggregate demand and aggregate supply schedules in Lotus Land. Lotus Land is in short-run macroeconomic equilibrium
In the long run, if aggregate demand does not change, then Lotus Land will return to full employment as ________. A) the money wage rate rises B) the money wage rate falls C) businesses cut their imports D) the government cuts taxes
Suppose in 2016, you purchase a house built in 2003. Which of the following would be included in the gross domestic product for 2016?
A) the value of the house in 2016 B) the value of the house in 2016 minus depreciation C) the value of the services of the real estate agent D) the value of the house in 2003
Suppose the price of crude oil drops from $150 a barrel to $120 a barrel. The quantity bought remains unchanged at 100 barrels. The coefficient of price elasticity of demand in this example would be
A) -0.5. B) infinity. C) -1.0. D) 0.
All of the following are considered trade secrets except which one?
A) the creation of a new product B) plans for future expansion C) customer lists D) product recipes