The figure above shows the demand, marginal revenue, and marginal cost curves for Paul's Parrot pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, his total economic profit is
A) $60.
B) $405.
C) $0.
D) $210,000.
E) unknown because more information is needed to determine Paul's profit.
E
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Which of the following would be considered a marginally attached worker?
i. Lou, who worked 15 hours unpaid at her mother's store last month ii. Sylvia, who is not working and hasn't looked for work in 3 months iii. Meredith, who is no longer working after taking early retirement from her employer. A) ii only B) i, ii and iii C) i and ii D) i and iii E) i only
During the colonial period, individual producers
(a) were never required to produce specific goods or services. (b) were, at times, required by colonial officials to produce certain staples if they wanted to produce cash crops. For example, the early governors of Virginia directed tobacco producers to also plant wheat. (c) produced only what they were directed to produce by colonial officials as part of an overall plan of colonial development. (d) received orders directly from England to produce what was viewed as most valuable to England.
What is the equilibrium price and quantity of CFC-11 after the excise tax?
Consider the following market for CFC-11, a known ozone-depleting substance: Demand: Q= 20 – 1.5P Supply: Q= 5+0.5P whereP is price per pound. Assume the governmental authority imposes a $5 per pound excise tax on CFC-11, which shifts the supply function to Q’ = 2.5 +0.5P.Use this information for any or all of the next three questions below. a. P = $8.75; Q = 6.875 c. P = 6.875; Q = 8.75 b. P = $7.5; Q = 8.75 d. none of the above
Discuss the criticisms leveled against the Aid to Families with Dependent Children program.
What will be an ideal response?