In the figure above, when 2,000 pizzas are produced, the marginal benefit of a pizza ________ its marginal cost, which means ________ pizza is being produced
A) exceeds; too little
B) exceeds; too much
C) is below; too much
D) is below; too little
E) equals; the efficient quantity of
A
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The price of a given basket of goods in Richland is 75 ritz. If the same basket of goods cost $10 in the U.S., the price of a basket of goods worth $1 in the U.S. is ________
A) 0.13 ritz B) 1 ritz C) 7.5 ritz D) 1.5 ritz
Refer to Figure 16-1. Suppose the economy is in short-run equilibrium above potential GDP and wages and prices are rising
If contractionary policy is used to move the economy back to long run equilibrium, this would be depicted as a movement from ________ using the static AD-AS model in the figure above. A) D to C B) A to E C) C to B D) B to A E) E to A
If a business's total economic cost of producing 2,000 units of a product is $1,000,000 and this output is sold to consumers for $1,300,000, then the firm would earn an economic profit of:
a. $1,300,000 b. $1,000,000 c. $300,000 d. $200,000
Suppose that the price of doughnuts decreases. Given that doughnut-holes are a by-product of producing doughnuts, one would expect:
A. the supply of doughnuts to increase. B. the supply of doughnut holes to increase. C. the supply of doughnuts to decrease. D. the supply of doughnut holes to decrease.