Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1
Refer to Table 9.1. If the market price is $42, then for this firm to maximize profits it should produce ________ units of output and its profits will be ________.
A. five; $70
B. six; $70
C. six; $120
D. seven; $58
Answer: B
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If import restrictions prohibit foreigners from selling various goods and services in the U.S. market,
What will be an ideal response?
The higher the value for the index of intra-industry trade:
a. the lower total trade is for other products. b. the greater percentage of trade in that good is intra industry. c. the more we should be concerned about job loss and outsourcing. d. the higher the gains from trade.
A perfectly elastic demand curve is
A) vertical. B) horizontal. C) a rectangular hyperbola. D) a downward sloping straight line.
The cross-price elasticity of demand between good X and good Y is -0.8. Given this information, which of the following statements is true?
A. Goods X and Y are complements. B. The demand for goods X and Y is elastic. C. Goods X and Y are substitutes. D. The demand for goods X and Y is income elastic.