Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1
Refer to Table 9.1. In the long run, if cost conditions do not change, this firm will earn a zero economic profit if price is
A. $10.
B. $15.
C. $20.
D. $28.
Answer: D
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Refer to the table above. If the firm decides to choose factory Far over Close, what is its marginal opportunity cost of transporting products to the market?
A) $150 B) -$200 C) $50 D) $100
If you dump trash in a vacant lot despite regulations against it, then you are
A) saving landfill space and creating a social benefit. B) acting rationally and generating a positive externality. C) avoiding the private costs associated with disposing your trash some other way and creating a social cost. D) acting economically irrational and creating a social cost.
A characteristic of an efficient market is that
A) prices are equal for all securities. B) bid-asked spreads are large. C) prices reflect all available information. D) all investors receive a positive rate of return.
Refer to Figure 10.1. If the level of real GDP is initially Y3, spending is ________ production and there is an unexpected ________ in inventories
A) greater than; increase B) greater than; decrease C) less than; increase D) less than; decrease