The above figure shows a firm in monopolistic competition. What is the profit maximizing level of output the firm will produce?
A) 4 units per day
B) 8 units per day
C) 10 units per day
D) 16 units per day
B
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If the natural rate of unemployment declines ________
A) labor is more heavily utilized B) potential output increases C) the long run aggregate supply curve shifts to the right D) all of the above E) none of the above
If the graph shown represents Steph's budget constraint, and the price of hairbands were to increase, the slope of Steph's budget constraint would become:
A. steeper, reflecting the fact that hairbands are now relatively less expensive.
B. flatter, reflecting the fact that hairbands are now relatively more expensive.
C. steeper, reflecting the fact that earrings are now relatively less expensive.
D. flatter, reflecting the fact that earrings are now relatively more expensive.
Refer to Figure 1.8. If the university decides to lower grading standards, then
A. This curve will shift to the left. B. This curve will shift rightward. C. We will slide up the curve from point B to point C. D. The curve will begin to bend downward at an earlier point.
Examine Figure 36.1, which shows the market for K-12 education in an economy. If the market is unsubsidized, the equilibrium tuition fees per student for K-12 education is
A. $4,000. B. $8,000. C. $6,000. D. $12,000.