The figure above shows that the government provides a subsidy to the farmers of ________ million
A) $350
B) $1,050
C) $50
D) $100
E) $700
A
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In economics, the meaning of demand refers to
A) how badly someone wants a good. B) the quantities of a good that people will buy at various prices. C) the quantities of a good that people will sell at various prices. D) the total satisfaction that consuming a good provides people at different prices.
. An example of a nonrenewable resource would be:
A. trees. B. rivers. C. an oil deposit. D. All of these are examples of nonrenewable resources.
Consider a market characterized by the following inverse demand and supply functions: PX = 40 - 4QX and PX = 10 + 2QX. Compute the surplus received by consumers and producers.
A. $50 and $25, respectively. B. $40 and $20, respectively. C. $20 and $40, respectively. D. $25 and $25, respectively.
If the elasticity of labor supply is positive, the labor-supply curve would be
A. vertical. B. horizontal. C. downward sloping. D. upward sloping.