Using the data in the table above, the equilibrium quantity and equilibrium price for a stapler is
A) 10,000 and $8.
B) 90,000 and $8.
C) 100,000 and $5.
D) 70,000 and $6.
E) 60,000 and $5.
D
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Using the data in the above table, what is the marginal product of the third employee?
A) 2 pizzas per hour B) 3 pizzas per hour C) 4 pizzas per hour D) 12 pizzas per hour
The main difference between a firm that is a price searcher and a firm that is a price taker is that a
a. price searcher produces products that are identical to its competitors' products. b. price taker can decide what price to charge for its product. c. price searcher cannot decide what price to charge for its product. d. price searcher will still be able to sell some of its product if it increases its price.
Figure 6.2 shows the cost structure of a firm in a perfectly competitive market. Suppose that market price falls to $6. If the firm produces at an output level that causes it to suffer an economic loss of $120, its average total cost (X) is:
A. $8. B. $7.50. C. $6.50. D. $4.
Sometimes, public goods whose benefits are less than their costs still get produced because:
A. The marginal benefit is still larger than the marginal cost B. Of externalities in production C. The benefits accrue to politically powerful government officials and their constituents D. Of market failures