If there are 100 identical firms in the market, each maximizing profits by producing 50 units of output, then how many units will be produced in the market?
a. 500
b. 100
c. 5,000
d. 50,000
c
You might also like to view...
The U.S. Department of Energy is investing $60 billion in rural parts of the U.S., largely in the Great Plains, in order to develop what alternative source of energy?
a. Wind power b. Solar power c. Biofuels d. Hydroelectric
In answer to the question, "Could they see the Great Depression coming?", Hughes and Cain (2011) respond:
(a) No—Many people firmly believed that markets would self-correct and eventually recover with no government intervention (b) No—many people seemed to believe that the prosperity of the 1920s would continue indefinitely because they believed that the economy was built to sustain high and stable rates of growth with minimal cyclical fluctuation when markets were permitted to clear themselves without government interference. (c) Yes—in the late 1920s, a majority of economists reported and publicized that the economy was becoming dangerously unbalanced and that a serious downturn was near. (d) Yes and no—by the late 1920s, the economics profession was about equally split on the possibility of a serious downturn in the near future.
In order for the existing workforce to be more productive, there needs to be
A. An increase in human capital. B. A decrease in economic growth. C. An increase in population. D. A redistribution of income within the nation.
The price level has doubled in 35 years. The approximate annual percentage rate of increase in the price level over this period has been:
A. 20 percent. B. 2 percent. C. 5 percent. D. 50 percent.