The figure above shows that to make the price support work, the government buys ________ million tons of sugar beets
A) 10
B) 20
C) 30
D) 5
E) 15
A
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U.S. automobile manufacturers chose not to switch to producing subcompact cars for which of the following reasons?
(a) They did not perceive the U.S. demand for subcompacts as permanent. (b) This switch was not economically feasible in the long run. (c) Government policy prevented them from doing so. (d) All of the above.
What is the long-run effect on the demand curve of a monopolistically competitive firm when more firms enter the market?
a. Demand curve shifts to left. b. Demand curve remains the same. c. Demand curve shifts to right. d. Demand curve become flatter.
In general, firms will produce at a rate of output such that marginal revenue equals marginal cost because this output rate will
a. bring total revenue into equality with total cost. b. maximize the difference between the revenue received from the last unit and the cost incurred in producing the last unit. c. result in the lowest possible average total costs of production. d. maximize the firm's profit.
Gross domestic product adds together many different kinds of goods and services into a single measure of the value of economic activity. To do this, GDP makes use of
a. market prices. b. statistical estimates of the value of goods and services to consumers. c. prices based on the assumption that producers make no profits. d. the maximum amount consumers would be willing to pay.