Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1Refer to Figure 4.1. At the world price of 30 cents per apple, the United States imports ________ million apples per day.
A. 2
B. 4
C. 6
D. 10
Answer: C
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Firms in long-run equilibrium in a perfectly competitive industry will produce at the low points of their average total cost curves because:
a. free entry implies that long-run profits will be zero no matter how much each firm produces. b. firms seek maximum profits and to do so they must choose to produce where average costs are minimized. c. firms maximize profits and free entry implies that maximum profits will be zero. d. firms in the industry desire to operate efficiently.
The concept of equity pertains to the fairness of a tax.
Answer the following statement true (T) or false (F)
In a prisoner's dilemma, the Nash Equilibrium might not have a dominant strategy for either player
a. True b. False Indicate whether the statement is true or false
Factors of production are:
A) the resources the economy has available to produce goods and services. B) generally unlimited in modern economies. C) always employed in modern economies. D) the knowledge that can be applied to the production of goods and services.