Consider the budget line in the above figure. If the price of a magazine is $4, then the price of a hamburger is
A) $1.75.
B) $3.00.
C) $4.00.
D) $5.33.
B
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Western Union's role in foreign-exchange trading is best described as ________.
A) setting a fair exchange rate in multiple currencies B) transferring currency from one country to another C) transferring Mexican pesos from the United States to Mexico D) handling all money transfers that occur between North an
Use the figure below to answer the following question.
The figure shows three supply curves for apples. If you observe the supply of apples shift from S1 to S3, which of the following could be responsible for this shift?
A. Apple production has increased. B. The producers of apples now receive a subsidy. C. The producers of apples now must pay a tax. D. Apple producers are willing to sell more at every price.
Which of the following can lead to a firm being more efficient that a market? A firm can have I. economies of scale. II. economies of scope. III. lower transactions costs
A) III only B) I and II C) II and III D) I, II and III
In the long run, perfect competition results in firms producing
a. at the minimum point of their long-run average cost curves, which indicates allocative efficiency. b. where price equals marginal cost, which indicates economic efficiency. c. where price equals marginal cost, which indicates the optimal scale of operation. d. at the minimum point of their long-run average cost curves, which indicates economic efficiency.