Refer to the information provided in Figure 8.9 below to answer the question(s) that follow. 
Figure 8.9
Refer to Figure 8.9. At the market price of $18, if this farmer produces the profit-maximizing quantity, what profit will he make?
A. $0
B. $2,000
C. $700
D. indeterminate from this information
Answer: A
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A change in the price of a good has two effects on the quantity consumed. What are these effects?
A) the income effect and the substitution effect B) the consumption effect and expenditure effect C) the total utility effect and marginal utility effect D) the utility effect and the budget effect
Accounting profits are calculated based upon: a. explicit cash receipts and implicit costs
b. actual cash receipts and actual expenditures of cash. c. implicit cash receipts and actual expenditures of cash. d. opportunity costs plus explicit costs.
All members of the Federal Board of Governors are appointed by the president and confirmed by the Senate
a. True b. False Indicate whether the statement is true or false
Almost half of the world lives on less than $____ a day.
Fill in the blank(s) with the appropriate word(s).