The study of how benefits are determined for city employees would be considered
A. descriptive economics.
B. institutional economics.
C. macroeconomics.
D. microeconomics.
Answer: D
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If a perfectly competitive firm raises the price it charges to consumers, which of the following is the most likely outcome?
A) The firm's revenue will not change because some consumers will refuse to pay the higher price. B) The firm will not sell any output. C) The firm's total revenue will increase only if the demand for its product is inelastic. D) The firm's total revenue will increase only if the demand for its product is elastic.
Medicaid is the Federal Government program that provides health insurance to the
A. elderly. B. injured. C. handicapped. D. poor.
Use the following table for a certain product's market in Marketopia to answer the next question.Quantity Demanded DomesticallyPriceQuantity Supplied Domestically1,400$102,2001,60092,0001,80081,8002,00071,6002,20061,4002,40051,200If the world price for this product is $6, then Marketopia would import
A. 800 units and domestic producers would supply 2,200 units. B. 800 units and domestic producers would supply 1,400 units. C. 400 units and domestic producers would supply 1,400 units. D. 400 units and domestic producers would supply 2,200 units.
If a firm is operating in the range of diseconomies of scale, and if it is currently at the minimum point of its short-run average total cost curve, explain what action it can take to reduce its costs, if it does not want to change the quantity of output that it is producing