This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were open to free trade, domestic producers would produce how many units?
A. 60
B. 90
C. 115
D. 150
Answer: B
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Which factors explain labor productivity?
A) diminishing returns; the quantity of labor per hour worked B) diminishing returns; the quantity of capital per hour worked C) technological change; the quantity of capital per hour worked D) technological change; the quantity of labor per hour worked
Which of the following would cause both the equilibrium price and equilibrium quantity of cookies to decrease?
a. a rise in the price of milk (a complement) b. a rise in consumer incomes c. a rise in the price of cookie dough d. a drop in the price of cookie dough e. a rise in the price of crackers (a substitute)
As job opportunities for women and the wages those jobs pay have increased, the opportunity cost of doing housework has ________, so many families have chosen to hire specialists in households chores, such as cleaning services and lawn care services,
because the cost of these specialists is ________ than the cost of the wife (or husband) performing those chores. A) increased; higher B) increased; lower C) decreased; higher D) decreased; lower
For a monopolist, if total revenue increases as output increases, then marginal revenue is
A. greater than the price. B. negative. C. zero. D. positive.