Refer to Figure 4-9. What is the size of the unit tax?
A) $8 B) $5
C) $3 D) cannot be determined from the figure
B
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Which of the following holds true at the chosen level of output in the long run for firms in a perfectly competitive market?
A. P = minimum AVC B. P > MC C. MR > MC D. MR = MC
How many prices would a trader of a particular good need to know in a barter economy with 5 goods?
A. 20 B. 10 C. 5 D. 50
Monopolies are discouraged in the United States because
A. they are more efficient than other industries. B. they restrict output and raise prices. C. they can produce at lower cost in the short run. D. they hire too few workers for their production volumes.
The relationship between a consumer's monthly income and monthly consumption of four products, A-D, is shown below.IncomeQuantity Consumed?ABCD$4,00045902005,000601801015Which product listed is an example of an inferior good?
A. A B. B C. C D. D