The All-the-Rage microbrewery is represented in Figure 9-9. If the market price is $2.50 per pint, then in the short run, the microbrewery will
a.
earn the same profit by producing zero pints as by producing 50 pints per day
b.
produce zero pints per day to avoid an economic loss
c.
produce 50 pints per day and break even
d.
produce between zero and 50 pints per day
e.
produce more than 50 pints per day
a
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Which of the following are ways of promoting a firm's product
a. Advertising b. Discount coupons c. End-of-aisle displays d. All of the above
Government failure is likely to occur for all of the following reasons except:
A. intervention in markets is always simpler than it initially seems. B. special interest groups might lobby government to the detriment of the public good. C. the bureaucratic nature of government intervention does not allow fine-tuning. D. individuals have better information about a situation that affects them than does government.
The recent increases in international trade and new technology have caused demand for ______ workers to ______.
a. all types of; decrease b. low-skilled; increase c. highly-skilled; increase d. all types of; remain constant