An imperfectly competitive firm has the following total cost curve: C = 100 + 4Q. What is marginal cost equal to when Q = 10?
What will be an ideal response?
MC = 4 for any Q
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Two countries that specialize their production along the lines of comparative advantage and then trade with each other will be able to
A. both produce and consume more. B. produce less and consume more. C. produce more and consume less. D. both produce and consume less.
Interlace, Inc produces and a unique soda. The company cannot price discriminate. The figure above shows Interlace's demand curve, marginal revenue curve, and marginal cost curve. Interlace, Inc is definitely
A) a perfectly competitive firm. B) not a perfectly competitive firm. C) a natural monopoly. D) None of the above answers is correct.
Economics can be described as the study of how people use ________ resources to satisfy ________ wants
A) unlimited; unlimited B) unlimited; limited C) limited; unlimited D) limited; limited
Good X is an inferior good but not a Giffen good. When the price of X increases, the consumer will consume
a. more X. b. the same amount of X. c. less X. d. more or less X depending on the size of the income effect relative to the size of the substitution effect.