In the figure above, the value on the x-axis increases as we move from
A) point G to point A.
B) point C to point A.
C) point F to point A.
D) point E to point A.
A
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Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run, we can expect
A. new firms to enter, causing the market price of corn to decrease. B. some firms to exit, causing the market price of corn to increase. C. some firms to exit, causing the market price of corn to decrease. D. new firms to enter, causing the market price of corn to increase.
When the government imposes a specific tax per unit on a product, changes in consumer surplus are ________ and changes in producer surplus are ________
A) negative; positive B) positive; positive C) negative; negative D) positive; negative
Assume the graph shown represents Grace's budget constraint. Which of the following is true?
A. Grace's total utility is constant along her budget constraint.
B. Grace's marginal utility of each good is the same for each combination of goods on her budget line.
C. Grace's total expenditure is constant along her budget constraint.
D. Grace is indifferent between consuming any bundle that lies on the budget constraint.
If a farmer earns a larger profit than the "normal profit" by producing a special type of vegetable that becomes popular,
A. the farm's owners are likely to withdraw from the industry in order to retire early. B. the firm will continue to earn its "normal profits" far into the future. C. other farmers are likely to plant the same vegetable, pushing up the prevailing market price. D. other farmers are likely to plant the same vegetable, pushing down the prevailing market price.