Economists call all the goods generated by a firm its total ______.
a. margin
b. output
c. production
d. sales
b. output
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Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $1
A) not enough consumers want to buy iced tea. B) the quantity supplied is economically efficient but the quantity demanded is economically inefficient. C) economic surplus is maximized. D) the quantity supplied is less than the economically efficient quantity.
A monopoly is a sole ____, and a monopsonist is a sole ____
a. buyer in a product market; seller in a product market b. seller in a product market; seller in a labor market c. buyer in a product market; seller in a labor market d. seller in a product market; buyer in a labor market e. seller in a labor market; buyer in a product market
Figure 8-2
?
In Figure 8-2, which of the following moves can be explained by a decrease in disposable income?
A. E to B B. A to C C. A to D D. B to E
Federal employment in the United States is dominated by what two functions?
A. National defense and postal service. B. Health care and police. C. Postal service and education. D. Health care and national defense.