If one person's enjoyment of the benefits of a good ________ with another's consumption of it, the good is nonrival in consumption. This is a characteristic of a ________ good.
A. interferes; private
B. interferes; public
C. does not interfere; private
D. does not interfere; public
Answer: D
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The above figure shows the U.S. market for wheat. With international trade, ________ is the transfer of surplus from consumers to producers
A) area B + area C B) area D C) area C + area F D) area C + area D E) area B + area C + area D
Interlace, Inc produces and a unique soda. The company cannot price discriminate. The figure above shows Interlace's demand curve, marginal revenue curve, and marginal cost curve. Interlace's profit maximizing level of output is
A) 30,000 bottles. B) 50,000 bottles C) 100,000 bottles D) 0; that is, the firm shuts down.
When there is a decrease in demand, there is a(n) ______ shift in the demand curve.
a. upward b. downward c. leftward d. rightward
When the minimum efficient scale occurs at a high level of industry output
A) the firms in the industry will be producing in the diseconomies of scale portion of the curve. B) there will only be a few firms in the industry. C) the government will have to take over the production of the good since it will be unprofitable for firms. D) there will be a lot of firms in this industry.