This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if this economy is an autarky, its equilibrium price is:
A. $130 at a quantity of 500.
B. $175 at a quantity of 815.
C. $130 at a quantity of 1150.
D. $215 at a quantity of 500.
Answer: B
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Using the information in the table above, depreciation equals
A) -$90 billion. B) $90 billion. C) -$70 billion. D) some amount that cannot be determined.
The above table shows Tammy's total utility from videos and CDs. If Tammy has $110 to spend on videos and CDs and if the price of a video is $10 and the price of a CD is $20, then Tammy maximizes her utility by purchasing
A) 3 CDs and 5 videos. B) 5 CDs and 1 video. C) 4 CDs and 3 videos. D) none of the above.
In perfect competition, changes in an individual firm's output will change the overall market price
a. True b. False Indicate whether the statement is true or false
A profit-maximizing firm in a monopolistically competitive market is characterized by which of the following?
a. marginal cost exceeds marginal revenue b. average revenue equals marginal cost c. price exceeds marginal cost d. All of the above are correct.