Figure 9-16
shows that the profit-maximizing output level is
a.
0.
b.
25.
c.
75.
d.
200.
d
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Suppose the government establishes a price support for soybeans. The new government program will tend to
A) decrease the output of soybeans. B) increase the quantity demanded of soybeans. C) decrease the demand for soybeans. D) increase a farmer's opportunity cost of producing other commodities (such as corn), which could be grown on the same land used to grow soybeans. E) do none of the above.
Suppose the real GDP of Fatonia was $25 million in 2010 . If the population of Fatonia was 0.25 million in 2010, then Fatonia's real GDP per capita was _____ in 2010
a. $200 b. $100 c. $50 d. $150
GDP uses the market value of goods and services because it:
A. provides the opportunity to compare lists of outputs to see who produced more. B. markets are the only way to value goods and services. C. provides a common valuation that allows us to compare one economy to another. D. is the only data that can be gathered about goods and services.
When the government makes a firm the exclusive legal provider of a good or service, it grants the firm
A) a copyright. B) a network externality. C) a quota. D) a public franchise.