Suppose all individuals are identical, and their monthly demand for Internet access from a certain leading provider can be represented as p = 5 - (1/2)q where p is price in $ per hour and q is hours per month
The firm faces a constant marginal cost of $1. Potential consumer surplus equals A) $4.
B) $8.
C) $16.
D) $32.
C
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The above table shows production combinations on a country's production possibilities frontier. Which of the following points signifies efficient production?
A) 0 units of good X and 40 units of good Y B) 3 units of good X and 25 units of good Y C) 10 units of good X and 16 units of good Y D) 12 units of good X and 1 unit of good Y
How can a firm have a negative valued added, as supposedly some state-owned businesses did in the former Soviet Union? What has to be true for value added to be negative?
What will be an ideal response?
A nonexclusive good is a good that a. is sold in low price markets
b. is impossible to keep people from enjoying the benefits the good provides. c. is produced by a perfectly competitive firm. d. is produced at the lowest possible cost.
Interest rates declined in 2007 . What happened to bond prices during this time?
a. They were unchanged. b. They increased. c. They decreased. d. Not enough data to answer.