Private profits provided colonial producers with incentive to direct the use of their regional resources in those fashions that produced the highest yield in world markets
Indicate whether the statement is true or false
True
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Use the following graph for a perfectly competitive firm to answer the next question.
The firm is
A. generating a loss and should shut down in the short run. B. generating a loss, but should continue to produce in the short run. C. earning a normal profit. D. earning an economic profit.
Consumers will always pay the entire amount of a specific tax whenever
A) demand is perfectly inelastic. B) supply is perfectly elastic. C) Both A and B above. D) Either A or B above but not at the same time.
If the quantity of good A (QA) is plotted along the horizontal axis, the quantity of good B (QB) is plotted along the vertical axis, the price of good A is PA, the price of good B is PB and the consumer's income is I, then the slope of the consumer's
budget constraint is ________. A) -QA/QB B) -QB/QA C) -PA/PB D) -PB/PA E) I/PA or I/PB
For an increase in demand, the price effect is smallest and the quantity effect is largest:
A. when supply is least elastic. B. in the long run. C. in the short run. D. in the immediate market period.