Refer to Table 13-4. At Victoria's profit-maximizing output
A) total revenue equals $24 and total cost equals $20.
B) profit equals $2.
C) total revenue equals $21 and total cost equals $17.
D) total revenue equals $25 and total cost equals $22.
A
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The total amount of money that a government owes at a point in time is called:
A. public debt. B. a budget deficit. C. a budget surplus. D. national surplus.
Evidence points out that since the mid-1950's just about every recession was preceded by:
A. low interest rates. B. falling interest rates. C. rising interest rates. D. negative real interest rates.
The two tendencies of a firm in a cartel are the incentive to:
A. cheat to maximize joint profits and the incentive to raise prices. B. cheat and avoid collusion and the incentive to raise price to maximize the firm's share of profits. C. increase output in order to minimize per-unit cost and the incentive to reduce price in order to maximize joint profit. D. cooperate to maximize joint profits and to cheat on the agreement in order to increase the firm's share of the profit.
Suppose that the quantity of hamburgers is measured along the vertical axis and that the quantity of popcorn is measured along the horizontal axis. The vertical intercept is 10 hamburgers, and the slope of the budget line is -2. If the price of popcorn
falls from $1 to $0.50, then we know that A) the vertical intercept shifts to 20 hamburgers. B) the vertical intercept shifts to 5 hamburgers. C) the horizontal intercept shifts to 10 bags of popcorn. D) the horizontal intercept shifts to 20 bags of popcorn.