Refer to the above figure. Which panel shows the effect of an increase in the price of a good on the demand curve of that good?
A) Panel A
B) Panel B
C) both panels
D) neither panel
D
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The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. There is no external cost
What is the marginal cost to the economy of Kaffenia of producing the four hundredth pound of coffee each day? A) $.50 per pound B) $1.00 per pound C) $2.00 per pound D) $4.00 per pound
An economic variable that moves in the opposite direction as aggregate economic activity (down in expansions, up in contractions) is called
A) procyclical. B) countercyclical. C) acyclical. D) a leading variable.
Although economic science can contribute theoretical and factual knowledge on a particular issue, the final decision on policy questions often depends on:
a. information that is not currently available b. social values c. ethical considerations d. all of these
Refer to the given data. If the prices of labor and capital are $9 and $15 respectively, at the profit-maximizing level of output, the firm's total revenue will be:
A. $114.
B. $180.
C. $129.
D. $192.